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Catalonia steps up anti-PPP agenda

Catalonia moves forward with plans to terminate public contracts with Spain's largest hospital group Quirónsalud in Greater Barcelona. After successfully deprivatizing a small waiting list relief operation, Hospital General de Catalunya in Sant Cugat will stop receiving radiotherapy referrals making up a third of its sales in early 2017. But this month Catalan health minister Toni Comín made an unexpected move. He's looking to nationalize 170-bed Hospital General for €50-55m.
November 1, 2016

Vithas ups its offer for Nisa stakeholders

Spanish hospital group Vithas is upping its purchase offer to stakeholders at target competitor Nisa from €16 to €22 per share. Vithas already garnered 45% of the voting rights in the company, but is struggling to secure control since the remaining stakeholders grouped together against the hostile takeover under Nisa's management's initiative. Nisa's management claims that Spanish hospital groups Quirónsalud, HM Hospitales and Hospitales Pascual are considering a white knight bid.
November 1, 2016

Vitaldent changes hands

Spain's special high court, the Audiencia Nacional, has accepted an €18.5m offer from private equity house JB Capital Markets to buy Vitaldent - Spain's largest dentist and Europe's third largest with 341 centres in Spain and another 109 in Italy. Vitaldent has been under judicial review since a tax scandal broke the news in February this year.
November 1, 2016

PAI finally grabs SAR

Private equity house PAI Partners is buying a 100% stake in Spain's largest care provider Sarquavitae for €500-550m, roughly a 15x EBITDA multiple.
October 24, 2016

Orpea continues to buy in Spain

Pan-European care provider Orpea has bought Residencia Reyes de Aragón and Centro Residencial Erit, two nursing home standalones in Zaragoza and Barcelona, respectively. We look at Orpea's prospects for expansion following the Sanyres acquisition.
October 20, 2016

Formal bidding process could unlock Nisa deal

Problems surrounding the sale of Spanish hospital group Nisa could be sorted out by a formal bidding process. Minority shareholders uniting against Vithas' takeover hired banker Arcano to sell their 55% stake. Arcano has approached Quirónsalud, HM Hospitales and Hospiten.
October 13, 2016

GenesisCare consolidates Spanish oncology

Australian radiotherapy group GenesisCare is buying a 100% stake in Spain's second largest cancer group Oncosur. It will integrate with market leader IMOncology, which Genesis bought in June this year.
September 20, 2016

Spanish PPP debate resurfaces after Fresenius buys Quirón

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.
September 16, 2016
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