IFLR1000

Cinven €1.75 billion acquisition of 70% in Synlab

15/12/2016
Investment grade bond/note issue, Private acquisition
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€ 1.75 billion

$ 1.829 billion

Completed

15/12/2016

Overview:

  • UK private equity firm Cinven acquired a 70% stake in German laboratory operator Synlab for €1.75 billion from BC Partners. 
  • Cinven financed the deal through bond issues of €675 million, €200 million, €475 million and €375 million.
  • Goldman Sachs International, JP Morgan Securities, Barclays Bank, Deutsche Bank, BNP Paribas, HSBC Bank, and Morgan Stanley arranged the bond issues. 
  • The UK investor intends to merge Synlab with European medical device company, Labco, which it acquired a majoritystake in from a group of investors  mid-2015 for an enterprise value of €1.2 billion. 
  • For BC partners, the sale represents a return of around 2.7 times on its investment in Synlab. 
  • BC Partners acquired 40% of Synlab in 2009, gradually increasing its stake in the business to a majority. 
  • The financial advisers on the deal were Rothschild (Synlab) and Barclays (Cinven).

Ben Naylor - Regional Editor

Jurisdictions:

France
Germany
United Kingdom

Deal types:

Investment grade bond/note issue
Private acquisition

Practice areas:

Private equity
M&A

Industry sector:

Healthcare

Firms:
Clifford Chance

Party: Cinven (Acquirer, Issuer)

Lawyers: Bettina Steinhauer, Fabio Diminich, Frederik Mühl, Jonny Myers, Taner Hassan

CMS

Party: BC Partners (Seller)

Lawyers: Alain Raemy, Arnaud Van Oekel, Christoph Lächler, Döne Yalçın, Günther Hanslik, Jacob Siebert, Pietro Cavasola, Tobias Schneider, Udo Simmat

Dillon Eustace

Party: Synlab (Issuer)

Lawyer: Tara O'Callaghan

Latham & Watkins

Party: BC Partners (Seller)

Party: Goldman Sachs International (Arranger)

Party: JP Morgan Securities (Arranger)

Party: Barclays Bank (Arranger)

Party: Deutsche Bank AG Na ON (Arranger)

Party: BNP Paribas (Arranger)

Party: HSBC Bank plc (Arranger)

Party: Morgan Stanley (Arranger)

Lawyers: Hans-Jürgen Lütt, Markus Krüger, Rüdiger Malaun

Walder Wyss

Party: Cinven (Acquirer)

Lawyer: Luc Defferrard

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