Centene to sell its continental European businesses, the advisors
Centene Corporation has signed a definitive agreement to sell to Vivalto Santé its Spanish and Central European businesses, which include: Ribera Salud, a healthcare provider in Spain, which operates hospitals and provides other healthcare services, including through public-private partnerships; Torrejón Salud (Torrejón), a public-private partnership in the Community of Madrid which is operated by Ribera Salud; and Pro Diagnostics Group (PDG), a subsidiary of Ribera Salud, which owns clinics providing radiology and other services in Slovakia and the Czech Republic.
Vivalto Santé is the third-largest private hospital company in France, operating more than 50 private hospitals, and is controlled by Vivalto Partners, a European private equity firm dedicated to the healthcare industry. Over 1,000 doctors are also shareholders of the group, providing a unique dual ownership and governance model. Vivalto Santé has pioneered social impact in the private hospital sector in France by becoming the first “Société à Mission” (French equivalent of a Certified B Corporation) in the sector, incorporating in its by-laws a clear “raison d’être” vis- à -vis patients “to care for and accompany patients along their care pathway and their lives” and vis-à-vis employees “to empower caregivers by emphasizing team spirit, favorable working conditions and professional inclusion.” Approximately 35% of the employees are shareholders of the company.
Barclays is serving as financial advisor to Centene, and Garrigues and Havel Partners are serving as its legal counsel. Latham & Watkins is serving as legal counsel to Vivalto Partners.
Garrigues acted with a team led by partners Renata Mendaña (pictured left), Ferrán Escayola (pictured in the middle) and José Fernández-Rañada (pictured right) and composed by María Ángeles Pérez de Ayala and Juan Manuel Cabeza