PE-backed Aster DM Healthcare to acquire Wahat Al Aman Home

Hospital operator Aster DM Healthcare Ltd has entered into an agreement to fully acquire Abu Dhabi-based Wahat Al Aman Home Healthcare LLC for about $28.6 million (Rs 204 crore), per the company’s regulatory filings.

Aster has routed the acquisition through its subsidiary, Aster DM Healthcare FZC, and the deal value could change on the basis of Wahat Al Aman’s financial performance.

The acquisition will help Aster DM enhance its presence in Abu Dhabi market, the filings said.

Incorporated in February 2019, Wahal Al Aman operates a home healthcare business in Abu Dhabi and Al Ain. The company’s business model involves deputation of nurses and doctors at the homes of the patients to provide medical care.

The transaction is expected to conclude by January 31, 2020, subject to approval from the departments of economic development and health of Abu Dhabi.

Founded by Dr. Azad Moopen in 1987 as a single clinic, Aster DM currently runs hospitals in India and the Middle East. According to the company’s website, it has 308 establishments in nine countries. Headquartered in Dubai, the Aster DM network encompasses 17,33 employees, 2,860 doctors with several JCI accredited hospitals, clinics and diagnostics centres.

Private equity firm True North invested in Aster DM in 2008. It sold its 7.4 per cent stake in the hospital chain in June last year. True North continues to stay invested in the company through its fourth and fifth private equity funds. As of September 2019, True North held a 2.15% stake in Aster DM.

Aster DM Healthcare, which also counts PE firm Olympus Capital as its investor, went public in February 2018 by raising Rs 980 crore.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.