Il Sole 24 ore

CIR and F2i open shareholding in KOS to Chinese CIC.

CIR, which forms part of the De Benedetti group, and F2i Healthcare, a company controlled by the Second F2i Fund, have finalised the agreementfor the purchase of a 46.7% stake in KOS – a member of the CIR group and one of the principal national healthcare sector operators – from private equity company Ardian, for 292 million euro.

In detail, F2i Healthcare will acquire from Ardian a shareholding interest in KOS for 240 million euro, whilst CIR will acquire the remainder for 52 million euro. CIR will simultaneously acquire the remaining interests from management and other minority shareholders for a price of 33 million euro.

Following the conclusion of this deal (overseen by the firms: Gattai Minoli Agostinelli, Gianni Origoni Grippo Cappelli and, in relation to tax aspects, by Tremonti Vitali Romagnoli Piccardi) the shareholding in KOS will be composed of CIR 62.7% and F2i Healthcare 37.3%.

Moreover, currently in advanced stage discussions, there is the possibility of the entrance of a sovereign wealth fund (very likely the Chinese CIC) into the capital of F2i Healthcare, a company in which F2i will maintain its controlling interest. Carlo Michelini, general manager with responsibility for F2i investments, was appointed president of KOS.

– Il Sole 24 ore

Milano Finanza

CIR and F2i finalize the acquisition of KOS.

CIR and F2i Healthcare, the latter being a company controlled by the Second F2i Fund, have reached an agreement with  Ardian for the acquisition, for 292 million euro, of 46.7% of KOS, a member of the CIR group and one of the principal operators in the national healthcare sector.

The deal was announced on 16th March last. In more detail, F2i Healthcare will acquire from Ardian, a shareholding interest in KOS for 240 million euro, whilst CIR will  acquire the remaining part for 52 million euro and at the same time, will acquire the remaining interests from management and other minority shareholders for a price of 33 million euro.

CIR will thus increase its shareholding from 51.3% to 62.7%, whilst F2i will hold 37.3%. Also in advanced stage discussions, is the possible entrance of a sovereign wealth fund into the capital of F2i Healthcare, a company in which F2i will maintain its controlling interest.

Carlo Michelini, general manager with responsibility for F2i investments, was appointed president of KOS. The tax aspects of the deal, on behalf of F2i, were advised on by Tremonti Vitali Romagnoli Piccardi e Associati, with a team composed of partner Laura Gualtieri and senior associate Marco Emma.

– MF