Attendo divests its healthcare operations in Finland
Attendo has entered into a binding agreement to divest its healthcare operations in Finland to Terveystalo, a leading Finnish healthcare company. The healthcare operations are part of Attendo’s operations in Finland. The enterprise value of the transaction is EUR 233 million. The divestment enables Attendo to focus on its care operations in the Nordic market.
“We are very pleased to be able to present a long-term solution for Attendo’s Finnish healthcare operations, which I co-founded in year 2000 and that has been part of Attendo since 2007. This enables us to focus on developing Attendo’s own units and care offering in Finland and rest of the Nordics and at the same time gives the Finnish healthcare business even better opportunities to develop with Terveystalo as a dedicated new owner,” says Attendo CEO Pertti Karjalainen.
The Finnish healthcare business includes staffing services, primary care, dental care, occupational healthcare and complete outsourcing of care and healthcare. The business consists of approximately 100 operating units with around 1,600 full time employees. The combined net sales in 2017 were approximately EUR 230 million with a contribution to Attendo’s operating profit (EBITA) of approximately EUR 20* million. The enterprise value of the transaction is EUR 233 million on a cash and debt-free basis.
The healthcare operations will be reported as operations held for sale from the second quarter of 2018.
The completion of the transaction is pending approval from competition authorities in Finland.
Danske Bank acted as financial advisor and Krogerus as legal advisor to Attendo in connection with the transaction.
Attendo AB (publ)
For further information, please contact:
Andreas Koch, Communications and IR Director Attendo
Phone: +46 705 09 77 61
This is information that Attendo AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on 17 May 2018.
*Excluding central overhead costs that remains in Attendo.
Attendo - the leading care and healthcare company in the Nordics
Attendo is the leading private provider of publicly financed care and healthcare services in the Nordic region. The company was founded in 1985 and was first to provide outsourced care for older people in Sweden. In addition to care for older people, Attendo provides care for people with disabilities, individuals and families, and, in Finland, healthcare and dental care. Attendo has more than 24,000 employees and is locally anchored with over 700 operations in more than 200 municipalities in Sweden, Finland, Norway and Denmark. www.attendo.com
Terveystalo in brief
Terveystalo is a listed company on the Helsinki Stock Exchange. Terveystalo is the largest healthcare service company in Finland with net sales and network. The company offers versatile primary and secondary health care services for corporate and private customers and the public sector. The nationwide network covers 180 locations across Finland, complemented by 24/7 digital services.
In 2017, Terveystalo had approximately 1.2 million individual customers and approximately 3.3 million doctor visits. Nearly 9,000 healthcare professionals work in Terveystalo, about half of whom are private practitioners. Terveystalo's services carry the Key Flag symbol and the company is a member of the Association for Finnish Work. www.terveystalo.com