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Terveystalo completes acquisition of Finnish healthcare operations of Attendo

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Staff Writer | December 28, 2018
Terveystalo has completed the acquisition of Attendo's Finnish Health Services and the combined operations start on 2 January 2019.
Acquisition   Finnish healthcare operations gain a strong Finnish owner
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

ealthcare 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.