The German group Fresenius Helios has acquired the largest private healthcare group in Spain, IDC Salud Holding S.L.U., which operates under the brand name Quirónsalud, for 5.76 billion euros. It thus takes control of a network of 43 hospitals, 39 daycare centers and over 300 centers for workplace risk prevention all over Spain, and a total of 35,000 employees.
The integration of both companies thus creates the largest private healthcare group in Europe. This year, Quirónsalud expects a turnover of around 2.5 billion euros, with an EBITDA of between 460 and 480 million. In 2017, EBITDA is expected to grow within the range of 520 and 550 million euros.
Quirónsalud's turnover has grown by over 5% year-on-year in recent years thanks to an above-market-average increase in patient admissions, which the group attributes to “excellent quality of care combined with short waiting times”. The group is also a pioneer in public-private collaboration, and operates four hospitals in Madrid and one in Barcelona integrated in the public hospital system.
Fresenius Helios has acquired a 100% stake in Quirónsalud. As part payment, Fresenius will issue 6,108,176 shares for a value of 400 million euros to Víctor Madera, founder and CEO of Quirónsalud, who has agreed to a two-year lock-up period.
The transaction is pending approval by the authorities, and is expected to be concluded in the fourth quarter of 2016 or the first quarter of 2017. Fresenius is confident that the synergies created by the merger will increase its pre-tax turnover by around 50 million euros.
According to Stephan Sturm, CEO of Fresenius, “This acquisition combines two leaders in terms of quality and size. Our patients will benefit from the exchange of knowledge and ideas. For Fresenius, this acquisition is another strategic step towards offering quality and yet affordable care for patients worldwide.”
Francesco de Meo, CEO of Fresenius Helios, notes that Quirónsalud is the number one hospital group in Spain and the fourth in Europe, and that both brands will be maintained in their respective markets: “Quirónsalud has shown an impressive development and stands for best-in-class quality in patient care. Quirónsalud and HELIOS perfectly fit together as we can leverage on each other’s experience and knowledge.”
For his part, Víctor Madera is very satisfied at the merger with a company like Helios: “I am firmly convinced that HELIOS and Quirónsalud are ideal partners to achieve the best care for our patients in both Germany and Spain.”
Last updated: 26|09|2016