Aster DM Healthcare to sell Gulf business to Alpha GCC for $1.01 billion – Industry News

Hospital and pharmacy operator Aster DM Healthcare has inked an agreement to sell the stake in its Gulf business to the newly-formed company Alpha GCC Holdings for $1.01 billion. The move is part of its plan to separate its operations in India and the Gulf countries.

Aster DM Healthcare will offload the 65% stake held by its wholly-owned subsidiary, Affinity Holdings, in Aster DM Healthcare FZC—the holding firm of GCC businesses—to Alpha GCC Holdings. The Moopen family, which controls the Aster Group, will retain the remaining 35% stake, Aster DM Healthcare said in a stock exchange update.

Alpha GCC will be owned by the promoter…