Freshfields Bruckhaus Deringer has advised Integrated Diagnostics Holdings plc and the selling shareholders on its IPO and listing on the London Stock Exchange
The transaction values Integrated Diagnostics Holdings at $668mn. The selling shareholders, Abraaj and Hena Holdings, sold 75,000,000 ordinary shares, representing 50.0 per cent of share capital, receiving gross proceeds of approximately $334mn (after exercise of the greenshoe option).
Integrated Diagnostics Holdings plc is the largest fully integrated private sector diagnostics services provider, including pathology and molecular diagnostics, genetics testing and basic radiology, in Egypt, and in 2013 had a private chain market share by revenue of 55 per cent. The Group also has operations in Jordan and Sudan and is considering expansion into additional countries in the MENA region in the near term. As at 31 December 2014, Integrated Diagnostics Holdings plc operated 288 labs, and it performed 22.3mn tests for 5.6mn patients in 2014.
Commenting on the deal, lead partner Stuart Grider said: ‘We are proud to have advised on this ground-breaking transaction. The deal continues Freshfields’ very strong run in equity capital markets work; having advised on a number of the largest IPOs in London in 2014 and 2015, including Poundland, B&M, Exova, Saga, Zoopla, SSP, Spire, TSB, Jimmy Choo, Virgin Money, DFS, Shawbrook, Non-Standard Finance, HSS and John Laing.’
MENA Regional Managing Partner Pervez Akhtar added: ‘This transaction is another great example of our track record in healthcare sector deals across the MENA region and our ability to assist our financial investor clients in successfully exiting their investments using IPOs as a strategy. Perhaps more importantly, however, this IPO is the culmination of what is a fantastic growth story for a leading emerging markets business in one of the MENA region's most important and growing sectors.’
The Freshfields team was led by corporate partners Stuart Grider (London) and Pervez Akhtar (Dubai). The team included corporate partner Christopher Mort (London) and associates Ethan Magid, Taylor Souter, Erin Gray, Jocelyne Kelly, George Marshall and Megan Chang.