Linklaters wins Spanish purchase for Capio

Linklaters‘ London office has completed a major Spanish acquisition for Capio, a long-term client of its Swedish practice.

The magic circle firm advised Capio on the acquisition of Spanish healthcare group Grupo Sanitario IDC from CVC Capital Partners.

The instruction is significant because Linklaters has not managed to cross-sell all of Capio’s work.

The pan-European healthcare conglomerate has traditionally sent its French work to Allen & Overy, instructing the firm on a range of French M&A deals between 2002 and 2004.

The Grupo Sanitario deal was led by Linklaters London partner Carlton Evans, who said: “Capio is dominant in the Nordic region and was a longstanding client of Lagerlöf [& Leman] even before the Linklaters & Alliance days.” Lagerlöf and Linklaters merged in 2000 after spending 10 years as best friends.

Krister Hanson, a partner in Linklaters’ Stockholm office, has a very strong relationship with Capio’s finance director Staffan Carlason.

Last month, Capio bought 100 per cent of IDC from private equity firm CVC for €331m (£227.8m), which will be paid part in cash and part in equity. While Capio will pay €291m (£200.3m) in cash, it will also issue 4.3 million new shares, raising a further €40m (£27.5m) with CVC becoming a part owner of Capio.

IDC was Spain’s largest private healthcare provider with 12 hospitals and further outpatient clinics.

Capio president Per Båtelson said in a statement: “In addition to a dominant position in the Nordic region, we now hold strong positions in three of the five largest markets in Europe.”