JSA and Cyril Amarchand Mangaldas (CAM) acted on the merger of BlackStone backed CARE Hospitals (Quality Care India Limited) with Aster DM Healthcare Limited, at a combined valuation of over $5 billion.
The transaction also contemplates a preferential issuance by Aster, prior to the merger, for an acquisition of 5% shareholding in QCIL. The transactions are subject to applicable regulatory and corporate approvals.
JSA advised TPG, in relation to the proposed merger of its investee company, Quality Care India.
The transaction team consisted of Iqbal Khan (Lead Partner), Ambarish (Lead Partner), Ashid Basheer (Partner) and Varun Natarajan (Senior Associate).
They were supported by the Competition Law team that consisted of Nisha Kaur Uberoi (Partner and Chair, Competition Law), Pranav Satyam (Partner), Akrathi Shetty (Senior Associate), Kamal Sharma (Senior Associate) and Tarun Katariya (Associate).
Cyril Amarchand Mangaldas acted as legal counsel for Aster DM Healthcare on this merger.
The transaction team was led by Anand Jayachandran (Partner) and Sonakshi Arora (Partner), with support from Sheetal S (Principal Associate), Rohit Maheshwary (Associate), Hina Tolani (Associate), and Ayushi Mehta (Associate).
The transaction saw the involvement of multiple teams of the firm.
Competition Law: Avaantika Kakkar (Partner, Head of Competition Practice), Dhruv R. (Partner), Aman Baroka (Principal Associate), Ananya Mahant (Associate), Vanya Agarwal (Associate), Vrinda Gundam (Associate), and Pushkar Singh (Associate).
Corporate Due Diligence: Aditya Prasad (Partner), Abhilasha Malpani (Principal Associate), and Utkarsh Jhingan (Senior Associate).
Corporate Matters: Kritika Dobhal (Associate), Disha Tulsyan (Associate), Vishwa Patel (Associate), Neerali Nanda (Associate), Digvijay S (Associate), and Tannvi R (Associate).
Financing: Tanvi Apte (Associate) and Poorva Bhatia (Associate).
Regulatory: Ashwin Sapra (Partner, Head of Pharmaceuticals, Medical Devices, Healthcare and Life Sciences), Kartik Jain (Principal Associate), Anant Prakash Mishra (Associate), and Kartik Agrawal (Associate).
Real Estate: Abhilash Pillai (Partner), Ritha Ulbyre (Principal Associate), Siddhant Sharma (Senior Associate), Yashvi Shah (Senior Associate), Yash Jain (Associate), Madhurashree Rajkumar (Associate), Shivani Subbaiah (Associate), and Akshaya B S (Associate).
IP & IT: Arun Sadhanand Prabhu (Partner), Arpita Sengupta (Principal Associate), Soumya Tiwari, Diksha Joshi, and Himanshi Mahajan.
Employment: Bishen Jeswant (Partner), Krithika Radhakrishnan, Kunal Sharma, and Kriti Singh.
Litigation: Edward James (Partner) and Aashish Dafaria.
ESOP Matters: Sindhushri Badarinath (Partner), Rudra Tripathi, Mayank Jain, and Aarav Prasad.
The merger is structured as a share-swap, with QCIL shareholders receiving 977 shares of Aster DM for every 1,000 QCIL shares. Post-merger, Blackstone will hold a 30.7% stake, while Aster's promoters will own 24%, and the remainder will be held by public and other shareholders. The combined entity aims to enhance operational efficiencies, leverage synergies, and strengthen its presence in new regions like Central India, while focusing on key specializations such as oncology and cardiology
The combined entity will have a network of 38 hospitals and 10,150+ beds spread across 27 cities making it one of the top 3 hospital chains in India.
If you would like your Deals, Columns, Press Releases to be published on Bar & Bench, please fill in the form available here.