Southern Europe: Volume drops, value soars
Deal activity remained particularly subdued across Southern Europe in May, although the Rottapharm buyout in Italy sent overall value soaring.
It is too early to tell whether or not the measures enacted to support private equity in Italy, and the path of reforms Spain embarked on, will have a substantial impact on activity in the region.
Deal volumes registered a sharp drop in May, but the overall value invested shot upwards courtesy of Avista and Clessidra: the pair bought a 50% stake in Italian drugmaker Rottapharm, a deal that reportedly values the business at €1.7bn.
Doughty Hanson also did its part in Spain, buying a 40% stake in Quiron Hospitales with the intention of merging the business with its portfolio company USP Hospitales.
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