10 Apr 2026
Deal: Trilegal Advises Blackstone and Quality Care India Limited on $5 Billion Merger with Aster DM
09 Dec 2024
09 Dec 2024
December 9, 2024 – Trilegal acted as the legal counsel to Blackstone and one of its portfolio companies, Quality Care Limited (“QCIL”), in relation to the proposed merger of QCIL with Aster DM Healthcare Limited (“Aster”). The merged listed entity will be called Aster DM Quality Care Limited. As the largest deal in the Indian hospital sector, the new entity will also rank among India’s top three hospital chains, with a network of 38 hospitals and over 10,150 beds spread across 27 cities.
Ahead of the proposed merger, Aster shall purchase a 5.0% stake in QCIL from Blackstone and another investor (TPG) in consideration of primary share issuance by Aster for a 3.6% stake. Subsequently, QCIL will be merged into Aster by way of a scheme of amalgamation. The transaction is subject to applicable regulatory and corporate approvals.
Trilegal team provided comprehensive legal advisory services to Blackstone and QCIL, ensuring a smooth and strategic merger process. This included legal due diligence, advisory in relation to the transaction structure and regulatory compliances, and drafting and negotiating the transaction documents.
Arjun Ghose, Partner at Trilegal said, “Our role in advising Blackstone and Quality Care India Limited in this transaction was centered on a thorough understanding of the sector’s dynamics and our client’s strategic goals. We focused on providing clear, pragmatic legal guidance that navigated the complexities of this massive deal, reinforcing our role as trusted advisors in high-stakes engagements.”
The transaction team from Trilegal included Nishant Parikh, Arjun Ghose, Ankit Kejriwal, Rahil Pereira, Ishika Goon, Akshra Pandey, Swarnima Mukherjee, Radhika Bihani, Mohd. Khalfan and Anushree Garg.
About Trilegal
Trilegal is one of India’s leading law firms, with expertise across the full spectrum of corporate legal services. Trilegal has offices in four key cities of India.
Trilegal has been recognised as the India Deal Firm of the Year by Asian Legal Business (ALB) India Law Awards 2023; one of the ‘Best Overall Law Firms’ at the India Business Law Journal Indian Law Firm Awards 2022; ‘Firm of the year’ for Client Service Excellence by Asia Law Awards 2021; “M&A Law firm of the Year” by VCCircle Awards 2020 one of the most innovative law firms in Asia in the inaugural edition of ALB Trailblazers 2020; and ‘highly commended’ in the FT RSG Innovative Lawyers Awards 2020.
For more information, please get in touch with
Anoop Siddak Singh Tuli
Mob: +91-9535377422 | BD@trilegal.com
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