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CVC Capital and Formula One Group CEO Bernie Eccelstone are nearing a sale of F1 to billionaire John Malone’s media conglomerate Liberty Media, in a deal valued at $8.5 billion. Headquartered in Luxembourg, CVC Capital Partners is one of the world’s leading private equity firms. Founded originally in 1981 as the European arm of Citicorp Venture Capital, the CVC Group today employs some 300 people throughout Europe, Asia and the US. The firm was spun out from Citicorp in 1993, as an independent private equity firm. The CVC team’s local knowledge and extensive contacts underpin a proven track record of over 30 years of investment success. CVC manages capital on behalf of over 300 institutional, governmental and private investors worldwide, having secured commitments of more than US$71 billion in private equity, credit and growth funds. “We are acquiring the largest private hospital operator in Spain, Europe’s number four,” said Francesco De Meo, CEO of Fresenius Helios. “I am particularly delighted that Víctor Madera will, beyond his ongoing role as CEO of Quirónsalud, play a very active role in our combined group.” “I am extremely pleased to join such a splendid organization as Helios and very much look forward to a fruitful cooperation with Francesco De Meo,” said Madera. Quirónsalud says it has posted organic annual sales growth of more than 5% in recent years. Growth is driven by an above-market increase of patient admissions due to excellent quality of care combined with consistently short waiting times. Quirónsalud is also a pioneer in public-private partnership (PPP) models, operating five hospitals (four in Madrid and one in Barcelona) that are integrated within the public healthcare network. Under the PPP agreements, Quirónsalud is assigned responsibility for the publicly insured inhabitants of certain coverage areas and receives remuneration based on capitation or activity performed. Greenfield hospital projects and acquisitions have also contributed to Quirónsalud’s overall strong sales growth. Going forward, cross-selling between the recently acquired ORPs and Quirónsalud’s hospitals are expected to be yet another growth driver. For 2016, Quirónsalud expects sales of approximately €2.5 billion and EBITDA of €460 to €480 million. In 2017, EBITDA is expected to be in the range of €520 to €550 million. The purchase price corresponds to approximately 10.8x at the mid-point of the 2017 EBITDA range. In the medium-term, the merger of Helios and Quirónsalud is expected to lead to incremental pre-tax synergies of approximately €50 million p.a. without meaningful implementation expenses. Group net debt/EBITDA will temporarily increase to approximately 3.1. Already in mid-2017, the leverage ratio is expected to return to the 2.5 to 3.0 target range. The transaction is expected to be highly accretive to group net income and EPS in 2017. The deal is subject to approval by antitrust authorities and is expected to close in Q4/2016 or Q1/2017.]]>