bpv Huegel advises STRABAG on the planned acquisition of parts of VAMED Group

STRABAG SE is planning to acquire together with PORR AG technical operations management and construction projects divisions of Vienna General Hospital (AKH Wien), Austrian project development business and thermal spa holdings in Austria. A team of bpv Huegel is advising STRABAG SE on the transaction.

Vienna, 14 May 2024. STRABAG has announced to intend to acquire parts of VAMED Group together with PORR AG via a joint holding company for a total purchase price of about EUR 90 million. The seller is VAMED AG, which is majority owned by Fresenius SE & Co KGaA of Germany.

The object of the transaction is VAMED-KMB Krankenhausmanagement und Betriebsführungsges.m.b.H. (VKMB) and VAMED Standortentwicklung und Engineering GmbH (VSG), comprising the technical operations management and construction projects divisions of Vienna General Hospital (AKH Wien), including the Austrian project development business and thermal spa holdings in Austria.

The purchase agreement was signed by the joint holding company of STRABAG SE and PORR AG. PORR AG and STRABAG SE will each hold half of the joint holding company. STRABAG SE still requires approval from its Supervisory Board in order to finalise the transaction. The transaction is also subject to regulatory approval, including approval by the relevant competition authorities.

The transaction expands STRABAG’s service portfolio in technical facility management to include the medical sector while enhancing its expertise in project development in the healthcare sector. STRABAG SE is a European-based technology group for construction services with around 86,000 employees generating an annual output volume of around EUR 19 billion.

The transaction was led in-house by Meera Ramakrishnan (Head of Corporate Austria).

Led by Christoph Nauer (Corporate/M&A, Capital Markets) and Thomas Lettau (Corporate/M&A), the bpv Huegel transaction team included: Roland Juill (Corporate/M&A), Astrid Ablasser-Neuhuber (Antitrust Law), Gerhard Fussenegger (Antitrust Law, FDI), Nicolas Wolski (Tax Law), Lucas Hora (Tax Law), Florian Plattner (Contract Law, Litigation), Wolfgang Berger (Public Procurement Law), Paul Pfeifenberger (Labor Law), Anna Zirkler (Corporate/M&A) and Barbara Valente (Corporate/M&A).

Financial advisors were PwC (Gerald Eibisberger and Georg Schabetsberger) for STRABAG SE and BDO (Markus Bartl and Raffaela Uhl) for PORR AG. KPMG Law (Wendelin Ettmayer and Stephanie Sauer) provided legal advice to PORR AG. A team of Latham & Watkins advised Fresenius and VAMED AG as seller on the transaction.

Deal Report