M & A

Rhön: Concessions

Contrary to initial expectations, only 40 of Rhön-Kliniken AG’s 43 clinics will be allowed to be transferred by takeover to the Fresenius group. The German Monopolies Commission has vetoed the transfer of three of the MDax-listed company’s clinics in order to forestall moves that could lead to a regional hospital monopoly. Fresenius is also being denied two healthcare centres – the number in the transfer package has dropped from 15 to 13.

As a result of this transaction worth three thousand million Euros, Fresenius subsidiary Helios will become the biggest clinic management concern in Germany. Fresenius states that it has already made an advance payment of 2 thousand million Euros. The largest portion of the estimated cost of merging the clinics bought up, rumoured to be in the region of 80 million Euros, will be spent in the course of this year.

Rhön’s turnover will fall by two-thirds as a result of this transfer of clinic management. In the future, however, it intends focusing its resources on clinics that provide avant-garde medical treatment and university research.

Last year, the Rhön takeover aroused some controversy. Asklepios, and B. Braun of Melsungen, both stakeholders in Rhön and, B. Braun especially, competitors of the Fresenius medical technology colossus, were opposed the latter buying out Rhön in its entirety. The parties, however, later reached agreement on a number of issues, for example Asklepios will become a participant in “Netzwerk Medizin” that Fresenius and Rhön intend setting up, while seemingly Fresenius has agreed to a guaranteed purchase commitment from B. Braun of medical products, part of which are in direct competition with its own.

Bechtle: Buy-up fever

Tec-Dax listed IT concern Bechtle AG has announced yet another buy-up. This time the object of its attention is Amaras AG, an acquisition that will broaden its Managed Services portfolio. Amaras AG is specialised in providing on-site services for large clients and according to Bechtle, employs a staff of 33 and in 2013 posted a turnover of three million Euros. CEO Oliver Schmidt, will continue with his responsibilities while taking up other posts within Bechtle Systemhaus Holding AG. Neither company has published further details on the transaction.