The news that German healthcare giant Fresnius bought Spain's largest hospital group Quironsalud for €5.76bn was widely reported in mainstream media. In the presentation, CEO Stephan Sturm admitted that public contracts making up 34% of Quirón's sales are the most profitable business area, suggesting an EBITDA margin of over 20%. We look at PPP prospects in Spain as Catalonia and Valencia terminate contracts and concessions in Madrid fall under scrutiny.