The Mexican group Ángeles formalized a takeover bid (OPA) on the Holy Spirit Health (ES Saúde), proposing to pay the company € 4.3 per share. The price represents a premium of 9% over the closing price on Tuesday, when trading was suspended by the Commission of the Securities Market Commission (CMVM), and evaluates the ES Health at EUR 410 million.
The Mexican group places several conditions to proceed with the deal. For now, just accept being majority shareholder, putting the minimum level at 50.01%. At the same time, only admits new step with this operation be more than 90% of the shares. At that time, decide whether forward a compulsory offer for the rest of the capital, and takes the company purse.
Only 49% of the capital are scattered on the stock exchange, and the group chaired by Isabel Vaz controlled 51% of the capital by the Holy Spirit Health Care Investments (ESHCI). This, in turn, is owned 55% by Rio Forte and 18% by the Espírito Santo Financial Group. As for the remaining 27% are in the hands of the New Bank (run by Vítor Bento and stayed with the good assets of the former BES).
The Forte Rio, which dominates the ESHCI, lodged a request for management controlled at the Commercial Court in Luxembourg, which was accepted. Now, the authorities of this country will have to rule on the deal.
Another condition imposed by Ángeles group is ensuring that the Hospital Beatriz Angelo in Loures, part of the acquisition package, “without conditions” . This unit is the State but managed under a Public Private Partnership (PPP), and had a weight of 22% in operating revenues ES Health last year.
This measure makes the business win a political track, forcing a position taken by the Ministry of Health. ago, however a precedent in favor of the business, as well as HPP sold by CGD (CGD) in early 2013 to Amil, held in its portfolio a hospital under PPP (Cascais) and that did not stop the sale (eg 85.6 million). Soon after, Amil was the target of a takeover bid by American UnitedHealth.
In the prospectus published on the CMVM on the evening of Tuesday, there are also several issues fall of GES group, highlighting the fact that the company require to be transferred to the New Bank “all claims and liabilities” of ES Health and its subsidiaries, such as bank deposits and treasury operations, which were in the BES.
The ES Health, established in 2000, has a network of 18 units: the Hospital da Luz in Lisbon, Hospital Beatriz Angelo (PPP) in Loures, seven other private hospitals, seven clinics operate on an outpatient basis and two “senior residences . “
For the Mexican group, which has invested in health tourism, this is an opportunity to enter the European market, growing by acquisition to buy a company that has been expanding. Health plans in the ES is, for example, entering the Angolan market.
In the first quarter, during which materialized in the input market, the profit of the ES Health doubled, to 4.6 million euros (compared to 2.3 million in the same period last year), with the outcome to benefit from increased activity in private units and still “in the public health care segment” Hospital Beatriz Angelo.
This hospital operated under the PPP regime had an annual growth of 13.9% in operating income to EUR 23.1 million, which allowed him to move from a negative EBITDA of EUR 0.1 million to a profit of 0 6 million in the first quarter.
The news of the takeover bid for the owner of the hospitals of Light and Loures happens after only 52 weeks of the presence of the company on the stock exchange. The shares of ES Health were on Tuesday to show a very slight increase of 0.08% when were suspended, valuing to 3,943 euros, 23.13% more than they were worth at the start of trading on the Exchange, the February 12.
The Mexican interest
Angeles group, besides health, is sectors like hospitality, banking and media. Although Grupo Empresarial Angeles (GEA) has only been formally constituted in 1998, the origins date back to the early investments in hospitals by Olegario Vazquez Rana hand, founder of Galician origin, and current chairman of the board.
The expansion within doors, but also for Europe, is identified by the Director General, Olegario Vázquez Aldir (son of Rana) as strategic for the Mexican company. The group “will expand the network of hospitals in Mexico and in the medium term, we will cross the border to Central and South America and Europe,” he said, quoted by the magazine for days Mexican Leaders . Its direct competitor in Mexico is Grupo Star Medica, where the millionaire Carlos Slim is the reference shareholder.
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