Aster mulls $250M asset acquisition for Saudi expansion

Logo of Aster DM Healthcare Ltd.

Aster DM Healthcare Ltd.’s new Gulf entity plans to acquire assets worth $250 million, Bloomberg reported, citing Alisha Moopen, Managing Director and CEO of the GCC unit.

She added that the move aims to expand the company's footprint in Saudi Arabia.

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The deals are likely to be for medical centers and hospitals, Moopen said, expecting them to be completed in the next three to five years.

“We have a very solid lineup of acquisitions that we are evaluating right now," Moopen said, adding that the group does not only plan to double its investments, but also to triple them in Saudi Arabia.

The company seeks to expand currently before going public over the next years, the CEO said.

According to data available on Argaam, Aster was established in 1987 as a single clinic in Dubai. Its current network in the GCC includes 15 hospitals, 117 clinics, and 285 pharmacies, across the UAE, Saudi Arabia, Oman, Qatar, and Bahrain. The company has 3 brands, Aster, Medcare and Access.