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Healthcare service provider Aster DM Healthcare has completed the acquisition of a 5% stake in Quality Care India (QCIL) from BCP Asia II TopCo IV Pte. Ltd (BCP Asia) and Centella Mauritius Holdings through a share swap, marking the initial phase of a strategic merger announced in November 2024.

The transaction, valued at approximately Rs 849 crore, involved no cash outflow for Aster DM Healthcare.

The deal saw Aster DM Healthcare acquire 1.90 crore equity shares of QCIL from BCP Asia and TPG, and in exchange, Aster DM allotted 1.86 crore equity shares of face value Rs 10 each to both entities. The share swap followed the receipt of necessary approvals, including shareholder consent, in-principle approval from BSE and NSE, and CCI approval. The newly issued shares will have equal rights with existing equity shares of Aster.

"Today marks a transformative step in our journey to become India’s most formidable integrated healthcare network," said Dr. Azad Moopen, Founder Chairman, Aster DM Healthcare. He added that the acquisition is the "first step toward the strategic merger between Aster DM Healthcare and QCIL" and "lays the foundation for a unified, future-ready healthcare network with a strengthened pan-India presence".

The planned merged entity - to be named 'Aster DM Quality Care' subject to approvals -will be jointly controlled by Aster promoters and BCP Asia. The merger aims to combine the strengths of both healthcare providers with a shared vision of expanding access to high-quality medical care across India. The full merger is anticipated to be completed this year.

Aster DM Healthcare and Blackstone-backed Quality Care India have merged, forming Aster DM Quality Care in November last year. This merger will create a combined entity with a significant number of beds and a presence in various Indian states. Blackstone will hold approximately 30.7% of the merged entity, while Aster DM promoters will hold 24%.

The merged entity will have four leading brands, namely Aster DM, CARE Hospitals, KIMS Health, and Evercare.

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