Monday, September 5, 2016

Mega Deal at record levels: Fresenius buys second pillar – NEWS



 Tuesday 06 September 2016


 With his daughter Helios Fresenius is already Germany’s largest hospital operator. But that is not enough the DAX company – he grabs Spain number one. Cheap but that’s not.



The Health Care Group Fresenius puts his largest acquisition in its history. For 5.76 billion euros buying Quironsalud, the largest private hospital operator in Spain. Stephan Sturm, who is at the top of Fresenius for just over two months, so tütet his first mega deal as a CEO. “Two leading in quality and size companies merge,” said Sturm.

For the Fresenius Helios Clinic daughter who has been active only in Germany, is taking over an important strategic step. The daughter, who is already the largest private hospital operator in Germany, thus acquires a second pillar outside the Federal Republic and strengthening its position as the largest private hospital operator in Europe.

Quironsalud has 43 hospitals, 39 outpatient health centers and around 300 facilities for health management. The sellers are the investment company CVC and the management of the hospital chain. Victor Madera, co-founder and CEO of Quironsalud to stay on board, even after the acquisition. To underline this, Fresenius embarks shares worth 400 million euros in Madera, which he must keep at least two years. The remainder of the purchase will be financed by debt.

The competition authorities have yet to give the green light for the deal. Fresenius expects to complete in the fourth quarter 2016 or first quarter of 2017. Quironsalud is very profitable. In the current year, the company expects sales of 2.5 billion euros and an operating profit (Ebitda) 460-480 million euros. In the coming year, the Group is targeting an EBITDA 520-550 million euros. Based on the purchase price corresponds to 10.8 times operating profit.

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Fresenius expects the takeover from next year clearly positive contribution to Group results. are the medium through the merger annual savings before taxes of 50 million euros expected.

Fresenius has grown into a global conglomerate in the healthcare industry since the turn of the millennium by several billion-purchases. After a lengthy takeover Pause Engage CEO storm had recently shown again open for great deals because the valuation of companies have fallen in the healthcare industry and Fresenius has lowered its debt ratio. Former investment banker storm came in 2005 as Chief Financial Officer at Fresenius and entered early July succeeds Ulf Schneider, who will take over the management of the Swiss food giant Nestle in the coming year.



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