EY advises AXA Seguros on its €49m purchase of Igualatorio Cantabria

EY Abogados has advised AXA Seguros Generales S.A. on the purchase of Igualatorio Cantabria, a leader in insurance and private healthcare of the region

AXA Spain has received the go-ahead from the regulatory authorities and formalised the legal purchase process to close the transaction and become the leader in health insurance and private healthcare in Cantabria. In addition to the formalisation of the signing, Igualatorio Cantabria’s shareholders’ meeting was held, which made the necessary changes to the Articles of Association and appointed the new Board of Directors.

“This operation aims to reinforce and strengthen the leadership in health protection in Cantabria with the union of a national and international insurance leader such as AXA and the experience and know-how of the Igualatorio Group,” said Olga Sanchez, CEO of AXA Spain.

“This is the start of an exciting stage for all of us who form part of the Igualatorio Group, with our sights set on promoting innovation, improving services and care and reinforcing our leadership in Cantabria” added Luis Tomás Gómez, president of the Igualatorio Group, who, together with Pablo Corral, general manager, will continue to be involved in the project in their respective positions.

Through this agreement, AXA Seguros incorporates all the entities belonging to the Igualatorio Group, including Igualatorio Cantabria, Clínica Mompía and the Escuela Técnico Profesional en Ciencias de la Salud, as well as the majority shareholding in Xplora, for the development of Diagnostic Imaging in Cantabria.

The cost of the acquisition of 99% of the capital amounts to 49 million euros and has been paid in full in cash by AXA Seguros.

EY Abogados has advised AXA Seguros providing buy side Tax Due Diligence services with a team led by partner Xavier Bird (pictured) and manager Lucía Fontán Porrúa, with the support of Juan Avilés Suárez and Carlos Prieto Aguilar.