Terveystalo to acquire Attendo's healthcare operations in Finland

Terveystalo Plc signed an agreement on 17 May 2018 to acquire the Finnish healthcare operations of Attendo AB (publ). The transaction, completed 28 December 2018 brings together two unique, industry leading healthcare companies that complement each other in terms of people, culture and competences.

Terveystalo has completed the acquisition of Attendo's Finnish Health Services and the combined operations start on 2 January 2019. Attendo's Finnish healthcare operations gain a strong Finnish owner in the transaction. The transaction improves Terveystalo's competitiveness and growth opportunities particularly within services offered to the public sector. 

Based on the 2017 financials*, Terveystalo and Attendo's Finnish healthcare operations had combined revenue of EUR 924.4 million, adjusted EBITDA of EUR 112.4 million excluding synergies and adjusted EBITA of EUR 90.5 million excluding synergies. Terveystalo and Attendo's Finnish healthcare operations have over 12,000 professionals, some half of whom work as private practitioners.

  • The transaction bring together industry-leading competencies within healthcare with broad service offering and network across Finland
  • The consideration for the transaction (enterprise value) was EUR 233 million in cash, financed with debt. Based on the aggregated combined financial information*, Terveystalo would have a preliminary aggregated net debt of EUR 451 million with implied net debt to EBITDA of 3.5x as of 30 September 2018 (aggregated LTM adjusted EBITDA), excluding synergies.
  • The estimated annual cost synergies of around EUR 5 million are expected to be realized within 12 months of the implementation of the transaction.

*The combined financial information gives an indication of the combined sales and earnings assuming the activities were included in the same company from the beginning of the financial year 2017. The aggregated combined financial information is based on a hypothetical situation and should not be viewed as pro forma financial information as purchase price allocation, transaction costs and differences in accounting principles have not been taken into account. 

 

Audiocast on 17 May 2018