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Tuesday, April 16, 2024

Linklaters advises IVIRMA on its €3bn sale to KKR

Linklaters has advised Spanish leader in infertility treatments IVIRMA´s shareholders on the completion of its sale to US fund KKR for €3 billion

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The US fund has signed the acquisition of the Spanish company, a world leader in infertility treatments, eleven months after the transaction was announced, according to financial sources. The private equity giant has committed to pay €3 billion.

Valencia-based IVIRMA Global is the world’s premier fertility group that leads the industry in research, success rates and patient care. From clinical excellence, to research and innovation, to teaching the next generation of reproductive endocrinologists, to advancing cutting edge protocols, standards and practices in the field. The acronyms IVI and RMA represent the two best assisted reproduction groups in Europe and the U.S., respectively. Together, they have since the beginning of the nineties been setting the standard in the field of reproduction, until in February 2017 they decided to merge to form the largest Reproductive Medicine group in the world.

KKR won a tight bid for IVIRMA in February last year. The fund put €3 billion on the table and beat out the other finalists, Cinven, which was in alliance with US-based Amulet Capital, and Nordic Cap. But the auction, organised by Morgan Stanley, was attended by a large group of the largest private equities operating in Spain, such as Carlyle, CVC, Permira and PAI.

The deal completion has been delayed for almost a year. On the one hand, IVIRMA and KKR have been negotiating the final details of the deal for months. On the other hand, it was not until 21 December that the National Markets and Competition Commission (CNMC) authorised the transaction, albeit with conditions.

KKR’s intention is to merge this company with Genera Life, which it acquired in November last year.

Linklaters Spain advised IVIRMA´s shareholders with a Corporate team made up of partner Carmen Burgos, managing associate José Buigues, associate Celso Méndez, and junior associates Sofía Maldonado and Andrea García. The deal also counted on the advice of a Tax team including managing associate Álvaro Albiñana, a Competition team formed by consultant Juan Passás and associate Barbara Rivera, a Public Law team including lawyer Sergio García and a Labour team with counsel Moira Guitart.

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