Hirslanden reaches an agreement with Mr Philippe Glatz regarding Hirslanden Clinique La Colline and Clinique des Grangettes

Hirslanden, the Swiss operating division of Mediclinic International plc, a private healthcare services group, has reached agreement with Mr Philippe Glatz to combine Hirslanden Clinique La Colline with Clinique des Grangettes, a leading private hospital in Geneva offering a wide range of medical services.

Hirslanden will combine the operating companies of Hirslanden Clinique La Colline and Pidji Healthcare Ltd, the holding company for the Clinique des Grangettes group of companies, in a newly created company and pay a cash consideration of CHF 68 million to Mr Philippe Glatz for a 60% interest in the company. Mediclinic and Mr Philippe Glatz will have call and put options, respectively, on the remaining 40% interest in the combined company. The options shall be exercisable after 4 years and the consideration on exercise will be determined based on the profitability of the combined company at that time. The transaction is subject to competition approval in Switzerland.

Lenz & Staehelin acted as counsel to Mr Philippe Glatz and Clinique des Grangettes on certain aspects of the transaction. The team was led by partners Floran Ponce and Jean-Blaise Eckert (Tax) and included partners David Ledermann (Corporate & M&A), as well as associates Dina Spörri (Tax) and Emilie Jacot-Guillarmod (Corporate and M&A).