Aster DM Healthcare has announced a definitive merger agreement with Quality Care India (QCIL) to form Aster DM Quality Care.
A merger approved by the boards of companies requires the approval of the authorities, company and shareholders.
The combined entity will have a portfolio of brands including Aster DM, CARE Hospitals, KIMSHEALTH and Evercare and a network of 38 hospitals and over 10,150 beds in 27 cities.
Ahead of the merger, Aster will acquire a 5% stake in QCIL from Blackstone and TPG through a primary share offering, resulting in a 3.6% stake for Aster investors.
The deal is expected to be completed by the third quarter of fiscal year 2026.
After the initial share acquisition, QCIL will merge with Aster through a plan of amalgamation.
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The original stock acquisition ratio reflects the proposed merger terms.
Upon completion, Aster Promoters and Blackstone will have equal representation on the board and jointly oversee the combined company.
Alisha Moopen, Vice President, Aster DM Healthcare, said, “Aster’s accelerated growth over the past ten years in India demonstrates our deep clinical leadership and ability to respond and respond to market demand as a pioneer.
“With this merger of Blackstone and TPG-backed Quality Care, we will create a powerful force that will raise the standards of healthcare through this strategic partnership.”
Aster DM Healthcare founder and chairman Dr. Azad Moopen will continue as CEO, while Varun Khanna and Sunil Kumar will step up as CEO and Group CEO and Group CFO of the merged company.
Moelis & Company and Advay Capital acted as financial advisors to Aster, while Kotak Investment Banking acted as corporate advisor and Cyril Amarchand Mangaldas acted as legal advisor.
QCIL received financial advice from NovaaOne Capital, while Trilegal and JSA provided legal advice.
PwC acted as the independent registered valuer of the swap ratio and ICICI Securities issued a fairness opinion on this.
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