Ashurst and A&O advise on Doughty Hanson purchase of Spanish hospital operator
Ashurst and Allen & Overy (A&O) have taken roles on the €355m (£295m) sale of one of Spain's largest hospital operators to private equity house Doughty Hanson. Ashurst advised Doughty on its acquisition of USP Hospitales led by European corporate head Simon Beddow in London and Madrid corporate head Jesus Almoguera, alongside Madrid technology and commercial head Carmen Perete.
February 23, 2012 at 07:03 PM
2 minute read
Ashurst and Allen & Overy (A&O) have taken roles on the €355m (£295m) sale of one of Spain's largest hospital operators to private equity house Doughty Hanson.
Ashurst advised Doughty on its acquisition of USP Hospitales led by European corporate head Simon Beddow in London and Madrid corporate head Jesus Almoguera, alongside Madrid technology and commercial head Carmen Perete.
A&O advised the sellers, the Royal Bank of Scotland (RBS) and Barclays Capital, led by City corporate partner Don McGown, who acted alongside Madrid corporate partner Juan Barona and Spain antitrust head Antonio Martinez.
The sale represents the fourth time in a decade that Spain's third-largest hospital operator has changed ownership. Spanish private equity firm Mercapital bought a majority stake in USP in 2004.
Ashurst advised the buyout house on the acquisition, with Mercapital subsequently selling its stake to Cinven in 2007 for €675m (£561m), with Freshfields Bruckhaus Deringer advising Cinven, A&O acting for Mercapital and Cuatrecasas Goncalves Pereira advising USP.
Cinven then sold to Barclays Capital and RBS in May 2009.
USP, which is headquartered in Madrid, is made up of a network of 12 hospitals and 23 diagnostic and day surgery clinics.
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