New Delhi, April 15 (PTI) The Competition Commission of India (CCI) on Tuesday cleared the proposed merger of Aster DM Health Care and Quality Care India, with the combined health care entity going to be called Aster DM Quality Care.
Aster is a healthcare provider operating in India through 19 hospitals. It is part of the Aster group.
“The proposed transaction includes the proposed Quality Care India Ltd (QCIL) through a merger plan to rename it to Aster DM Healthcare Ltd (Aster) of Aster DM Quality Care Ltd (Aster),” CCI said in a press release.
Prior to the merger, Aster will acquire a 5% stake in QCIL from BCP Asia II Topco IV PTE Ltd (BCP Asia) and Centella Mauritius Holdings Limited (Centella), considering the major share issuance of Aster.
QCIL’s existing shareholders – Centella, BCP and certain minority shareholders are recommended to hold certain shares in the combined entity, while Centella holds less than 10% of the shares without any control.
BCP is owned by funds and branches of Blackstone, and Centella is owned and controlled by TPG Group.
“CCI approved the proposed deal involving Aster DM Healthcare, BCP Asia, Centella and Quality Care India Ltd,” the regulator said.
QCIL is an unlisted public limited company owned and controlled by Centella and BCP. It operates a network of multi-specialty hospitals under branded nursing hospitals at Kims Health and Evercare.
It has a network of 26 medical centers and operates over 5,150 beds in 14 cities.
In another version, competition regulators also approved Alat Technologies’ acquisition of shares in TKE Group and approved a joint venture between Alat Technologies and Tke Group.
“The proposed portfolio involves an indirect acquisition of the equity of Alat Technologies Company (ATC) in the vertical TOPCO, as ATC will receive approximately 15% acquisition in TKE Group, as well as a joint venture between ATC and TKE Group,” CCI said.
ATC is a wholly owned subsidiary of the Public Investment Fund (PIF), a sovereign wealth fund of the Kingdom of Saudi Arabia (KSA). It is active worldwide and specializes in the manufacturing of semiconductors, advanced industries, electrification and artificial intelligence infrastructure.
It added: “The proposed KSA joint venture will be active in the manufacturing, supply, installation and maintenance of vertical and horizontal transport units (elevators, escalators, etc.), mainly in Saudi Arabia and potentially in other countries in the North African region.”
Vertical Topco is a holding company of TKE Group. The group is active worldwide and is engaged in elevators, escalators and auxiliary products and activities for installation, modernization and repair.
