GA_P, Garrigues, PM advise on Atrys Health´s €223.8m takeover bid on Aspy

Gómez-Acebo & Pombo and Pinsent Masons have advised Spain´s Atrys Health on the launch of a purchase offer on the 100 per cent of occupational risk prevention firm Aspy Global Services for €223.8 million, the latter advised by Garrigues

Atrys Health, a Spanish company providing precision medical diagnostic and treatment services and a pioneer in the fields of telemedicine and state-of-the-art radiotherapy, has announced the launch of a takeover offer for all the shares of Aspy, the third-largest operator in the occupational risk prevention sector in Spain, which has also been listed on BME Growth since December last year.

The offer submitted values each Aspy share at €2.875 euros, bringing the total offer to €223.8 million. The offer price represents a 13.18 per cent premium to last Thursday’s price before Aspy reported negotiations with Atrys. The takeover bid will offer two options for Aspy shareholders to choose from. The takeover bid will provide two options for Aspy´s shareholders to choose: a cash payment for their shares, or an exchange for newly issued ordinary shares of Atrys, which will be admitted to trading.

If the offer, which has the approval of Atrys’ Board of Directors, goes ahead, it will exceed the €170 million turnover threshold, its market capitalisation will be €600 million, it will have more than 2,000 employees and a network of 234 branches and associated centres, according to Atrys.

Gómez-Acebo & Pombo advised Atrys Health on the drafting of the offer prospectus and all its related aspects, including the engagement with Aspy’s largest shareholder, with a Commercial team comprising partner Guillermo Guerra (pictured left) and associates Jacobo Palanca (pictured centre) and José Canalejas (pictured right). Pinsent Masons also advised Atrys Health with a Corporate team led by partner Inmaculada Castelló Bernabeu, senior associate Rafael Duran Frías, and associate Helen Stewart, along with partner Idoya Arteagabeitia, senior associate Jacobo Otero Moyano, from the Financial team.

Aspy was advised by Garrigues Barcelona office, with a team formed by partner Naiara Bueno, and associates Arturo Noguer and Alejandro Ramón.

Desire Vidal