Cyril Amarchand Mangaldas (“CAM”) advised Aster DM on the merger of Quality Care (owned by Blackstone and TPG) with Aster DM. This is the largest deal in the Indian hospital sector, and the combined entities are valued at US$ 5.08 billion. The resulting entity will be amongst the three largest Indian hospital chains.
The transaction was led by Anand Jayachandran, Partner; Sonakshi Arora, Partner; with support from Sheetal S (Principal Associate); Rohit Maheshwary (Associate); Hina Tolani (Associate); and Ayushi Mehta (Associate).
Avaantika Kakkar (Head – Competition); Dhruv Rajain (Partner); with support from Aman Baroka (Principal Associate); Ananya Mahant (Associate); Vanya Agarwal (Associate); Vrinda Gundam (Associate), and Pushkar Singh (Associate) advised on competition law related matters.
The overall due diligence on Quality Care was led by Aditya Prasad (Partner); with support from Abhilasha Malpani (Principal Associate); and Utkarsh Jhingan (Senior Associate – Designate).
Kritika Dobhal (Associate), Disha Tulsyan (Associate), Vishwa Patel (Associate), Neerali Nanda (Associate), Digvijay S (Associate), and Tannvi R (Associate) assisted with due diligence on corporate related matters.
Tanvi Apte (Associate) and Poorva Bhatia (Associate) assisted with due diligence on financing related matters.
Ashwin Sapra (Partner); with support from Kartik Jain (Principal Associate); Anant Mishra (Associate) and Kartik Agarwal (Associate) assisted with due diligence on regulatory related matters.
Abhilash Pillai (Partner); with support from Ritha Ulbyre (Principal Associate); Siddhant S (Senior Associate), Yashvi Shah (Senior Associate), Yash Jain (Associate), Madhurashree Rajkumar (Associate), Shivani Subbaiah (Associate); and Akshaya BS (Associate) assisted with due diligence on real estate related matters.
Arun Prabhu (Partner); with support from Arpita Sengupta (Principal Associate); Soumya Tiwari (Associate); Diksha Joshi (Associate); and Himanshi Mahajan (Associate) assiste with due diligence on intellectual property and information technology related matters.
Bishen Jeswant (Partner); with support from Krithika Radhakrishnan (Principal Associate), Kunal Sharma (Senior Associate), and Kriti Singh (Associate) assisted with due diligence on employment related matters.
Edward James (Partner); with support from Aashish Dafaria (Principal Associate) assisted with due diligence on litigation related matters.
Sindhushri Badarinath (Partner); with support from Rudra Tripathi (Senior Associate), Mayank Jain (Associate), and Aarav Prasad (Associate) assisted with ESOP related matters.
Other parties to the transaction involved: Moelis & Company (Acted as Banker to Aster DM Healthcare Limited); Advay Capital Advisors Private Limited (Acted as Banker to Aster DM Healthcare Limited); KPMG (Acted as Accounting and Tax Advisor to Aster DM Healthcare Limited); Kotak Mahindra Capital Company Limited (Acted as Advisor to Aster DM Healthcare Limited); Blackstone (Acted as Seller); TPG (Acted as Seller); NovaaOne Capital Pvt. Ltd. (Acted as Financial Advisor to Blackstone); Deloitte Touche Tohmatsu India LLP (Advised on Financial Due Diligence, Tax Due Diligence and ESG Due Diligence for Aster DM Healthcare Limited); Alvarez & Marsal India Private Limited (Advised on IT Due Diligence for Aster DM Healthcare Limited); GAA Advisory (Advised on Technical Due Diligence for Aster DM Healthcare Limited); EY (Advised on Commercial Due Diligence for Aster DM Healthcare Limited); Doulah & Doulah (Acted as Offshore Counsel for Aster DM Healthcare Limited); AON (Acted as Insurance Broker for Aster DM Healthcare Limited); ICICI Securities Limited (Fairness Opinion for Aster DM Healthcare Limited); and PwC Business Consulting Services LLP (Valuer to Aster DM Healthcare Limited).
The transaction was signed on 29th November, 2024.
