The promoters of the Aster DM Healthcare, private equity company TPG and the Moopen family will hold a minority stake in the merged entity. Credit: Fit Ztudio / Shutterstock.

The merger between Quality Care India and Bangalore-based hospital chain Aster DM Healthcare is expected to be completed by the end of November, reported ET Now.

Quality Care India is owned by US-based private equity company Blackstone.

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The negotiations between the two parties have reached the final stage, reported Business Standard.

The proposed deal will see Quality Care India merge with Aster DM Healthcare, resulting in a new entity, called Aster DM Quality Care.

This merged entity will have approximately 9,900 beds, placing it just behind Apollo Hospitals Enterprises and Manipal Health Enterprises in terms of capacity, reported Medical Buyer.

Aster DM chairman Azad Moopen is anticipated to become the chairman of the new entity.

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Following the merger, Blackstone is expected to become the largest shareholder in the combined entity.

Private equity company TPG and the Moopen family, who are the promoters of Aster DM Healthcare, will hold a minority stake in the merged company.

The Moopen family currently owns a 42% stake in Aster DM Healthcare.

Blackstone acquired a majority stake in Care Hospitals from TPG Rise funds in May 2023.

It currently holds a 79% stake in Quality Care India, which operates Care Hospitals, with TPG owning the remaining 21%.

The merger is likely to be structured as a share swap, with Aster DM Healthcare and Care Hospitals exchanging shares on a one-to-one basis.

The share swap agreement is expected to be signed in the coming week and will be filed with the National Company Law Tribunal for approval.

In August 2024, it was reported that Aster DM Healthcare and Blackstone were in advanced talks regarding the merger.