Aster DM Healthcare and Quality Care India Limited to Merge, Creating a Healthcare Giant
Aster DM Healthcare Limited (Aster) and Quality Care India Limited (QCIL), backed by Blackstone and TPG, have signed definitive agreements for a merger. The merged entity will be named Aster DM Quality Care Limited and will become one of the top 3 hospital chains in India.
Aster DM, CARE Hospitals, KIMSHEALTH, and Evercare.
Aster will hold a 24% stake in the merged entity, while Blackstone will hold 30.7%. The remaining 45.3% will be held by public and other shareholders.
"The new combined entity is poised to become one of the largest healthcare players in the industry, setting new benchmarks in patient-centric care, innovation, and accessibility."
The transaction is subject to shareholder and regulatory approvals, and is expected to close by Q3 FY26.
"We are committed to creating one of India's leading platforms in the healthcare sector. We will help grow the platform, expand its footprint, and develop it into a world-class healthcare institution."
"This merger demonstrates our aligned cultures and value systems, and furthers our commitment to address bed shortage in India's underserved regions."
The merged entity will be led by Azad Moopen as Executive Chairman, Varun Khanna as MD & Group Chief Executive Officer, and Sunil Kumar as Group Chief Financial Officer.
Moelis & Company and Advay Capital acted as financial advisors to Aster, while NovaaOne Capital acted as financial advisor to QCIL.