Ashurst advises Nomura on proposed 2 billion takeover of Mediclinic International plc
04 August 2022
04 August 2022
Global law firm Ashurst is advising Nomura, who is acting as financial adviser to the Consortium in relation to the proposed £2 billion takeover of Mediclinic International plc.
Mediclinic was founded by the Remgro group in South Africa. It commissioned Dr Edwin Hertzog to undertake a feasibility study on private hospital provision in the Western Cape, and his conclusive research resulted in the formation of Mediclinic in 1983. Dr Hertzog led Mediclinic for 37 years until 2020, when he stepped down as non-executive chairman. Today the Group operates 74 hospitals, five sub-acute hospitals, two mental health facilities, 20 day case clinics and 22 outpatient clinics in South Africa, Namibia, Switzerland and the Middle East. In addition, the Group holds a 29.9 per cent. interest in Spire Healthcare Group plc, a leading private healthcare group based in the UK and listed on the London Stock Exchange. Remgro has been a longstanding and supportive shareholder in Mediclinic's 39 year history, which includes its geographic expansion into Switzerland and the Middle East, and this support has been instrumental to the success of the business.
The Consortium Bidco is a newly formed company owned by joint offerors Remgro Limited and SAS Shipping Agencies Services S.à r.l, a wholly owned subsidiary of MSC Mediterranean Shipping Company SA.
The Acquisition values the entire issued and to be issued ordinary share capital of Mediclinic at approximately £3.7 billion and an implied enterprise value of approximately £5.9 billion. It is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act.
Remgro is a diversified investment holding company listed on the Johannesburg Stock Exchange, and holds investments in the healthcare, consumer products, financial services, infrastructure, industrial and media industries. SAS is an indirect, wholly owned subsidiary of MSC. The MSC group is a global business engaged in the shipping, terminals, logistics and cruises sector.
During the last 50 years, the Aponte family has built the MSC group into a global business focused on the maritime transport, logistics and cruise industries. Today, MSC is a leading shipping and private cruise business and employs more than 100,000 employees. MSC is headquartered in Switzerland and has operations in 155 countries, including a strong presence across Africa and the Middle East.