HBI Spotlight

 

Spire takeover looks unlikely as Circle-BMI sells

Ramsay Health Care’s takeover of UK competitor Spire Healthcare is looking increasingly unlikely as the share price trades well below the new offer price and its rebel shareholders press on with their derail attempt. It’s been a busy week for Toscafund, which has also sold a controlling stake in Circle-BMI to an American provider. 
July 8, 2021

Antin considers sale of €1bn Almaviva

HBI hears that Antin Infrastructure Partners is considering the sale of Almaviva Sante, the fourth largest French hospital group by revenue. HBI speaks to a France-based consultant to find out more and to talk about potential suitors.
June 24, 2021

Spire shareholder rebellion grows as Toscafund voices opposition

Global hospital group Ramsay Health Care's 240p-per-share bid for UK chain Spire Healthcare looks increasingly unlikely to make it over the line, with two of its four largest institutional investors now voicing opposition. We talk to an analyst about Spire's outlook and look at its shareholder structure. 
June 16, 2021

Billions set to be written off as creditors take charge of NMC

NMC's creditors are now in the driving seat, after a take-it-or-leave it ultimatum from joint administrators Alvarez and Marsal left them with little option other than to accept a financial restructuring plan which wipes out billions of dollars owed to them, in return for ownership of the business.
June 7, 2021

$4.2bn Babylon to go public at 11-13x revenue multiple

Global digital health platform Babylon Health will IPO through a $4.2bn merger with SPAC Alkuri Acquisition Corp. The deal gives it a 13x revenue multiple of the $4.2bn equity value and 11x a $3.6bn enterprise value. The move comes as Europe's players increasingly look to the States as a more scalable market. Despite just launching there last year, 70% of Babylon's revenues now come from the States.
June 3, 2021

Ramsay makes £1bn Spire offer – but investors want more

Global hospital operator Ramsay Health Care has made a £1bn offer to acquire listed UK group Spire Healthcare, but some investors may reject the offer and share price movements show another bid may be expected. The 29.9% shareholder, Mediclinic, has agreed to sell to Ramsay despite making a similar takeover offer three years ago. It comes during a UK market pivot towards NHS activity to help clear massive backlogs after Covid.
May 26, 2021

The deals you can expect to see in the next two months

M&A slowed to a trickle during COVID but the next six weeks will see a flood of deals. HBI examines the deals that are about to happen, the companies looking to IPO, and reviews a handful of deals that remain resolutely on hold for the moment.
May 21, 2021

Mitsui mulls buyout of $13bn IHH Healthcare

Japanese conglomerate Mitsui is considering a buyout and de-listing of IHH Healthcare, the $13.4bn-valued pan-Asian hospital operator in which it holds a 32% stake, according to reports. Its share price has declined in the last five years amidst perennial problems in Turkey and India.
May 13, 2021
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