Brief: Mashreqbank Says Consortium Led By Fajr Capital Completes Acquisition Of Aster’s GCC Business

Aster DM Quality Care

05/04/2024 09:57

April 5 (Reuters) - MASHREQBANK  MASB.DU :
    * A CONSORTIUM OF INVESTORS LED BY FAJR CAPITAL ALONGSIDE
DR.
MOOPEN FAMILY COMPLETED 100% ACQUISITION OF ASTER’S GCC BUSINESS
    * ACQUISITION OF ASTER’S GCC BUSINESS IS NOW OWNED 65% BY
FAJR
CAPITAL-LED CONSORTIUM WITH A 35% STAKE RETAINED BY DR. MOOPEN
FAMILY
    * IN NEWLY SEPARATED ASTER GCC, DR. AZAD MOOPEN WILL BE
CONTINUING
IN HIS ROLE AS FOUNDER & CHAIRMAN
    * IN NEWLY SEPARATED ASTER GCC, ALISHA MOOPEN ASSUMED ROLE
OF
MANAGING DIRECTOR AND GROUP CEO
    * ACQUISITION OF ASTER’S GCC BUSINESS WAS FINANCED THROUGH A
MIX
OF EQUITY AS WELL AS DEBT FROM REGIONAL FINANCIAL INSTITUTIONS
    * DEBT FINANCING PACKAGE AGGREGATING $813 MILLION WAS
PROVIDED
ACROSS TWO SEPARATE FACILITIES 
    * A SHARIA COMPLIANT FACILITY TO ALPHA GCC HOLDINGS LIMITED,
THE
ACQUISITION VEHICLE TO FACILITATE THE ACQUISITION AS WELL AS
SUPPORT FUTURE GROWTH PROSPECTS OF ASTER GCC 
    * A CONVENTIONAL FACILITY TO UNION (MAURITIUS) HOLDINGS
LIMITED,
THE ACQUISITION VEHICLE OF DR. MOOPEN’S FAMILY TO BRIDGE FINANCE
ACQUISITION OF 35% IN ASTER GCC
    * FINANCING PACKAGE FOR BOTH FACILITIES WAS PROVIDED BY CBD,
EMIRATES NBD CAPITAL LIMITED, FAB AND MASHREQ ACTING AS MANDATED
LEAD ARRANGERS, BOOKRUNNERS AND UNDERWRITERS WITH MASHREQ ACTING
AS THE SOLE COORDINATOR FOR BOTH FACILITIES
    * FOR ENBD GROUP, WHILE EMIRATES NBD CAPITAL LIMITED ACTED
AS
MANDATED LEAD ARRANGER, BOOKRUNNER AND UNDERWRITER, EMIRATES
ISLAMIC BANK P.J.S.C. PROVIDED FINANCING IN SHARIA COMPLIANT
FACILITY AND EMIRATES NBD BANK (P.J.S.C.) FINANCED THE
CONVENTIONAL FACILITY

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