LAWFUEL – Legal Newswire – European private equity firm, Cinven, has announced it has reached an agreement to acquire the hospital operations and assets of BUPA, the third largest provider of private medical services in the UK, for a total consideration of £1.44bn (€2.13bn). International law firm Freshfields Bruckhaus Deringer is advising Cinven on this transaction, which was run as a competitive auction process. Freshfields also advised Cinven on its 2005 acquisition of Partnerships in Care, the mental-health service-provider, for £552m, and the November 2006 acquisition of Phadia, the international allergy diagnostics business headquartered in Sweden, for €1.285bn.
The Freshfields team was led by corporate partner David Higgins with corporate senior associate Tim Wilmot and associate Victoria Marland, finance partners Christopher Davis and Jeffrey Rubinoff and associates Fergus Wheeler and Liz Ricossa, and real estate partner John Fordham and associates Andrew Fleetwood and Jane Stark.
Freshfields has also advised on several other major deals in the healthcare sector recently, including Investor’s acquisition of Mölnlycke Healthcare Group in January this year, the sale of Kodak’s healthcare group, also in January, and Allianz Capital Partners’ sale of Four Seasons Health Care in September 2006.
Freshfields has now advised Cinven on more than €10bn in transactions across Europe in recent months, including disposals of United Biscuits and Klöckner Pentaplast and acquisitions of Gondola Holdings, Avio and Phadia.