European healthcare M&A roundup – April

HealthInvestor UK’s look at healthcare investment activity across Europe

While the sale of Australia-based global hospital operator Ramsay Health Care is grabbing the headlines, M&A in Europe’s health and care also picks up as Affidea gets acquired by GBL, Aedifica buys big in England, Ireland and the Nordics and Fresenius chooses bankers to sell Helios stake.

Affidea

We start with news from Belgian investment firm Groupe Bruxelles Lambert (GBL) which bought Affidea, the Pan-European provider of diagnostic imaging, outpatient and cancer care services, from its current majority shareholder B-Flexion for approximately €1 billion.

With the acquisition, GBL plans to strengthen Affidea’s platform in its core markets as well as accelerate M&A into new, attractive and fragmented European markets, the company said.

Founded in 1991, Affidea today has 300 centers operating across 15 countries in Europe.

One week before the B-Flexion’s exit, on 12 April, Affidea completed the acquisition of a majority stake of Brust-Zentrum Zürich, the largest integrated breast medicine group in Switzerland for an undisclosed sum.

Brust Zentrum Zurich has been advised throughout the transaction process by Capitalmind on the financial side and Bär & Karrer on the legal side. Affidea was advised by Niederer Kraft Frey on the legal side and by KPMG on the financial side.

Aedifica

Aedifica, the Belgium-based healthcare real estate investment trust on 4 April announced that it has invested £58 million in a portfolio of four care homes in Jersey and one on the Isle of Man, and €57 million in three care homes in Ireland

On 28 April, the group invested another €52 million in eight care properties in Finland and Sweden.

Fresenius

A Germany-based healthcare conglomerate, Fresenius, has tapped the Bank of America and JPMorgan Chase to sell a minority stake in Helios Kliniken, Europe’s largest operator of private hospitals, Bloomberg reported on 8 April.

A sale of about 20% could value Helios at more than €15 billion including debt, the report added.

Medicover

On 7 April, Medicover, a Stockholm-listed, international health care services group acquired Nasz Lekarz, one of the largest providers of medical services and clinical trials in Poland for an undisclosed sum.

Nasz Lekarz is a research center in Poland’s Kujawsko-Pomorskie Voivodeship. During the 20 years of its presence on the market, it has participated in over 600 phase I to IV clinical trials. The clinics offer innovative, biological treatment of rheumatological, dermatological, gastroenterological and pulmonary diseases.

The end of April saw Medicover acquiring Allenort, a private Polish psychiatric clinic chain, together with a hospital, according to a press release by Polish consultancy Grupa Upper Finance. Details of the transaction were not disclosed.

Cofinimmo

The Cofinimmo group, a listed property company in Belgium has acquired a plot of land in the Dutch province of North Brabant for a nursing and care home. The investment budget, including plot of land and works, is around €26 million.

The site is pre-let to Stichting tanteLouise, a healthcare institution in the Netherlands, specialised in elderly care.

Mehiläinen 

On 13 April, Mehiläinen , a Finnish healthcare provider announced the acquisition of MVZ Westpfalz, a German provider of conservative and surgical treatments in the region of Kaiserslautern / Landstuhl, focusing on specialties of ENT, orthopaedics, visceral surgery and radiology. Details of the transaction were not disclosed.

Orpea

Pan-European France-based care home operator Orpea decided not to proceed with the acquisition of Hestia Alliance, a Spain-based mental health and social care specialist group, according to local media reports on 6 April.

The French operator had announced the transaction in June last year but certain conditions were not met within the planned timeframe, Alimarket reported.

Ramsay Santé

Ramsay Santé, through its Swedish subsidiary Capio Group Services, has announced a recommended public offer to acquire Stockholm-listed specialty healthcare provider GHP Specialty Care.

Following the end of the initial acceptance period of the offer, Capio controls 67,841,018 shares and votes in GHP, corresponding to approximately 96.6% of the total number of shares and votes in GHP.

LUX Med

LUX Med, a Warsaw-headquartered private medical services provider, announced on 21 April it signed an agreement to acquire MedPolonia, also a Poland-based private medical services company for an undisclosed sum.

LUX Med is controlled by UK-based international medical services group Bupa and comprises a multidisciplinary hospital, three outpatient clinics and an extensive clinical research center.

Lifenet Healthcare

Lastly, in Italy, Exor, a holding controlled by the Agnelli family, announced the acquisition of a 45% stake in Italian hospital and clinic operator Lifenet Healthcare for €67 million.

The transaction is expected to complete by the end of the first half of 2022 and is subject to the customary regulatory approvals.

Date published: May 3, 2022

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