13 July 2007

Freshfields advises Cinven on acquisition of USP Hospitales for €675m

European private equity firm Cinven has announced it has agreed to acquire USP Hospitales (USP), the leading independent operator in the Spanish private healthcare market and second largest provider to the private healthcare insurance market, from Mercapital for a total consideration of €675m (£462m). International law firm Freshfields Bruckhaus Deringer advised Cinven on the transaction.

This is the second acquisition by Cinven in the hospitals sector in a month, after its acquisition of the hospital operations and assets of BUPA Hospitals in the UK for £1.44bn. This follows Cinven's acquisition of Phadia, the international allergy diagnostics business headquartered in Sweden, for €1.285bn in November 2006. Freshfields also advised Cinven on these transactions.

The Freshfields team was led by corporate partner David Higgins (London), with partners Armando Albarran (corporate, Madrid), Chris Davis (finance, London) and Inaki Gabilondo (finance, Madrid), plus associates Manuel Toledano and James Pointon (both corporate, Madrid).

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 and Avio.

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