References/16 Oct 2017
Borenius advised underwriters on Terveystalo Oyj’s EUR 876 million initial public offering
We advised joint global coordinators and joint bookrunners Carnegie, Morgan Stanley, and SEB – as well as joint bookrunners Jefferies and OP – on the initial public offering and Nasdaq Helsinki listing of Terveystalo Oyj. The transaction, which closed on 13 October 2017, is the largest IPO in Finland since 1998, the largest ever non-privatisation IPO in Finland, the largest ever private equity exit in Finland, and the largest IPO in the Nordics to date this year.
The offering comprised a sale of shares by private equity fund EQT, as well as certain other selling shareholders, and a primary issuance by the company for total gross proceeds of approximately EUR 876 million (including the over-allotment option). The market capitalisation of the company was EUR 1,250 million immediately following the offering period and before trading on Nasdaq Helsinki had commenced.
Terveystalo Oyj is a leading private healthcare service provider in Finland that offers primary and outpatient secondary healthcare services to corporate, private, and public sector customers. The company’s healthcare service offering includes general practice and specialist medical care, diagnostic services, outpatient surgery, dental services, and other adjacent services, which comprise its integrated healthcare care chain. The company also offers a suite of digital healthcare services. Terveystalo is able to provide nationwide coverage through its approximately 180 clinics, maintaining a presence in all 20 of Finland’s largest cities, together with its digital platforms.