8 Asian Legal Business | December 2024 DEALS $5 bln Aster DM Healthcare’s merger with Quality Care India Deal: M&A Firms: Cyril Amarchand Mangaldas, JSA Advocates & Solicitors, Trilegal Jurisdictions: India, UAE The landmark merger between Aster DM Healthcare and Quality Care India represents a pivotal moment in India’s healthcare consolidation landscape. Valued at $5.08 billion and backed by private equity giants Blackstone and TPG, this transaction positions the newly formed Aster DM Quality Care Limited as a formidable player in the Indian hospital sector, ranking third behind industry leaders Apollo Hospitals and Manipal Hospitals. The deal epitomises the ongoing transformation in India’s healthcare market, characterised by strategic consolidation and aggressive expansion. With deal activity in the sector reaching $4.1 billion—a striking 57% year-on-year increase—investors are signalling robust confidence in the industry’s growth potential. The strategic rationale is clear: capitalise on burgeoning healthcare demand, particularly in tier-2 and tier-3 cities where population growth and increasing healthcare accessibility are driving market dynamics. The hospital industry emerges as the epicentre of this M&A momentum, with private players projecting significant capacity expansion—approximately 30,000 new beds at an estimated $392 million capital outlay over the next five years. This merger underscores a strategic blueprint for growth: Consolidation, geographical diversification, and enhanced service capabilities. $645 mln Kioxia’s IPO Deal: IPO Firms: Anderson Mori & Tomotsune; Davis Polk & Wardwell; Mori Hamada & Matsumoto; Simpson Thacher & Bartlett Jurisdiction: Japan $645 mln Afcons’ IPO Deal: IPO Firms: AZB & Partners; S&R Associates Jurisdiction: India $530 mln Goldman Sach’s acquisition of Nihon Housing Deal: M&A Firm: Nishimura & Asahi Jurisdictions: Japan, U.S. $515 mln Waaree IPO Deal: IPO Firms: Hogan Lovells; JSA; Khaitan & Co Jurisdiction: India $1.7 bln RMZ Group’s joint venture with Colt Data Centre Services Deal: M&A Firms: Khaitan & Co; Trilegal Jurisdiction: India $1 bln Zomato’s QIP Deal: ECM Firms: Cyril Amarchand Mangaldas; Latham & Watkins; Shardul Amarchand Mangaldas & Co Jurisdiction: India $890 mln Varun Beverages’ QIP Deal: ECM Firms: Hogan Lovells; Khaitan & Co Jurisdiction: India $750 mln SF Holdings IPO Deal: IPO Firms: Clifford Chance; CM Law Firm; Grandall Law Firm; King & Wood Mallesons; Herbert Smith Freehills Jurisdictions: China, Hong Kong The Briefs
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