Dentons advises shareholders in sale of City Hospitals and Clinics in Bulgaria
21 April, 2016
Dentons has advised the shareholders of City Hospitals and Clinics AD (City Clinic) on the conclusion of definitive agreements for the sale of 100% of the company to Acıbadem Sağlık Hizmetleri ve Ticaret A.Ş (Acıbadem).
Acıbadem has also announced the acquisition of Bulgaria-based Tokuda Hospital and its subsidiaries and is merging the two healthcare groups. The operating partners of City Clinic will roll over their stake into the new combined entity. Subsequent to all the transactions, Acibadem will hold 76.5% of the newly created holding company’s share capital, and certain of City Clinic’s shareholders will hold the remaining 23.5%.
City Clinic, founded in 2010, is a leading high-quality integrated healthcare provider in Bulgaria, operating in Sofia, Varna and Burgas. It operates three hospitals and three outpatient centers, among which is the only Joint Commission International-accredited hospital in Bulgaria. Following the opening of its new cancer center, City Clinic has dominated the market for both cardiovascular and cancer care in the country. City Clinic’s Sofia hospital is a teaching hospital supported by two leading medical schools, combining high-quality clinical service with education and research.
“We are very proud to have been able to support City Hospitals and Clinics AD in a major transaction which contributes to the improvement of healthcare in Bulgaria,” commented Dentons Partner and Co-Chair of Dentons’ Global Private Equity Group Rob Irving. “This deal showcases Dentons’ capabilities in major cross-border transactions throughout the CEE/SEE region, as well as in highly specialized and regulated sectors such as healthcare.”
The Dentons Budapest team on the deal was led by Partner Rob Irving, supported by Associates Orsolya Szabó, Ivan Jeločnik and Christopher Colclough. Dentons acted alongside leading Bulgarian law firm, Djingov, Gouginski, Kyutchukov & Velichkov, whose team included Partner Zdravka M. Ugrinova and Associate Gergana K. Monovska.
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