The Moopen family will retain a 35 per cent stake alongside management and operational rights. Image Credit: Shutterstock

Dubai: Aster DM Healthcare Limited (Aster), a multinational integrated healthcare provider, has announced the successful separation of its GCC and India businesses into two distinct and standalone entities. Under the separation plan, a consortium of investors led by Fajr Capital, a sovereign-backed private equity firm, has acquired a 65 per cent stake in Aster GCC, with the Moopen family retaining a 35 per cent stake alongside management and operational rights. The transaction, which valued the GCC business at an equity value of $1 billion, has now been finalised.

In November 2023, the company obtained board approvals to separate its GCC and India businesses to establish two distinct healthcare companies. The plan was also approved by the company's shareholders in January 2024.

Dr. Azad Moopen will remain the Founder Chairman, and Ms. Alisha Moopen will serve as Aster GCC's Managing Director and Group CEO. The Moopen Family will continue to retain operational control of the company.

"The separation has established a GCC business which has tremendous growth potential and will be focused on tapping the opportunities in the region," said Dr. Azad Moopen.  "We are glad that Fajr Capital and its consortium of partners have chosen to partner with us on this growth journey, and we are confident that their demonstrated expertise will empower our expansion plans within GCC's dynamic healthcare landscape, especially Saudi Arabia."

"Today's announcement marks the beginning of an exciting new chapter for Aster in the GCC," added Mr. Iqbal Khan, CEO of Fajr Capital.