Linklaters has advised funds advised by iCON Infrastructure on the acquisition of 100% of Alliance Medical Group (Alliance Medical) from Life Healthcare, the listed South African hospital group. The transaction values Alliance Medical at a post-IFRS 16 enterprise value of £910m and completion is subject to Life Healthcare investor approval and various anti-trust and foreign direct investment approvals.
Alliance Medical is one of the leading independent diagnostic imaging and molecular imaging providers in the UK and western Europe, with a vertically integrated PET-CT network in the UK, enabling the manufacture and distribution of radioisotopes for its own PET-CT scanning facilities and third parties. Alliance Medical operates 233 sites and delivers over 1.1 million scans per year across the UK, Italy, Ireland and various other European countries.
The core Linklaters team was led by Financial Sponsors partners Ben Rodham and Genna Marten, with counsel Ben Suen, managing associates Tom Gavin and Amy Barker, associates Jessica Dougan, Ryan Wei Shiung Poh and Deepak Nagpal, alongside Tax partner Chris Smale and managing associate Alexei Franks, and TMT partner Rich Jones and managing associate Kirill Albrecht (all based in London). The firm provided cross-practice support by drawing on expertise from across its Antitrust & Foreign Investment, Employment & Incentives, Energy & Infrastructure, Environment, Pensions and Real Estate teams and also involved support from the firm’s global network (including from the Milan, Frankfurt and Madrid offices).
Linklaters also worked alongside South African law firm Webber Wentzel, with which it has an integrated alliance. The Webber Wentzel team was led by managing partner Sally Hutton together with partners Leslie de Bruyn and Justin Roberts.
This is the latest in Linklaters’ strong track record of advising on Europe’s most high-profile financial sponsor-backed healthcare deals, including advising:
- Carlyle and PAI Partners on the acquisition of Theramex and Theramex’s recently announced proposed acquisition of certain oral menopause drugs from Viatris;
- Telemos Capital on its sale of Sanoptis to Groupe Bruxelles Lambert;
- Apax’s Vyaire Medical on the sale of its consumables business to SunMed; and
- Apax on the sale of Unilabs to AP Moller.
