CVC in take-private deal for Hygeia

Nicole Tovstiga
09 July 2018

Tweet
Facebook
LinkedIn
Google plus
Send to

CVC Capital Partners has agreed to acquire Athens-headquartered hospital owner and operator Hygeia Group from listed Greek investment company Marfin Investment Group (MIG).

CVC Capital Partners is structuring the deal through its special purpose vehicle, Hellenic Healthcare, to acquire a 70.38% stake for €204.4m in the listed company.

MIG had received a revised offer by Hellenic Healthcare on 5 July, for the sale of a majority stake in the listed asset Diagnostikon Kai Therapeftikon Kentron Athinon Hygeia, which amounted to 215,189,466 shares or a 70.38% stake in Hygeia's share capital. The offer price stood at 95 euro cents per share.

Following the offer, the seller dismissed a previously submitted non-binding offer on the table from G Apostolopoulos Holdings in favour of CVC's bid, having been advised in the process by Rothschild.

The transaction is subject to the approval of the general meeting of the shareholders of MIG and the approval of the competition committee.

Hygeia was founded in 1970 by a group of physicians and headquartered in Athens. It owns and operates four private hospitals in Greece and Albania.

In a similar vein, CVC Capital Partners acquired a 97.2% stake in the Greek hospital operator Iaso General from its parent Iaso in November 2017 via its vehicle Hellenic Healthcare.