The deal is CapVest's first major Australian M&A transaction
Ashurst has helped London-based investment firm CapVest Partners LLP finalise a deal to acquire Australian healthcare services company Virtus Health Limited for $719.2m.
As part of the deal, CapVest and Virtus signed a transaction implementation deed, under which CapVest agrees to acquire 100 percent of the issued capital of Virtus by way of scheme of arrangement, or alternatively, at least 50.1 percent of the issued capital of Virtus through an off-market takeover offer if the scheme is not approved.
According to Ashurst, the scheme consideration represents a premium of approximately 58.3 percent to the price of $5.21 per Virtus share – the last close price prior to the first announcement that Virtus received a non-binding, indicative proposal from private equity firm BGH Capital to acquire 100 percent of the outstanding share capital in Virtus by way of scheme of arrangement.
“Support from CapVest will provide a strong foundation for Virtus and its fertility specialists to further develop their practices and accelerate the national and international growth of Virtus,” said Virtus CEO Kate Munnings.
Partner Anton Harris led the Ashurst team on the transaction, with support from his team members across Australia, including:
The Australian team received assistance from other Ashurst lawyers operating from Singapore and London.
“We are delighted to have assisted CapVest Partners LLP on its first major Australian M&A transaction,” Harris said.
