Heuking Kühn Lüer Wojtek advises Schön Klinik on acquisition of Dominikus hospital
A team led by Munich-based M&A partner Boris Dürr legally advised Schön Klinik group on the acquisition of Dominikus hospital Düsseldorf-Heerdt. The hospital was sold due to the insolvency of the previous hospital carrier, Dominikus-Krankenhaus Düsseldorf-Heerdt GmbH, whose shareholder is church-affiliated Cherubine-Willimann foundation. The insolvency was triggered by particularly high expenses incurred in renovation and construction activities. The sale occurred in a structured bidding process. The purchase price was not disclosed. The transaction is subject to approval by the relevant antitrust authorities and is expected to be closed in Q4/2016.
The advice by Heuking Kühn Lüer Wojtek focused on structuring the transaction in view of the ongoing insolvency proceedings and the drafting and negotiation of the appropriate legal documentation. Therefore, close networking of the M&A and healthcare team led by Boris Dürr with the reorganization experts led by Prof. Dr. Georg Streit was of particular importance for the transaction: "The collaboration with Prof. Streit and his team was certainly a key factor in successfully completing the transaction," said Boris Dürr, who was Heuking Kühn Lüer Wojtek's lead advisor on the transaction.
Dominikus hospital Düsseldorf-Heerdt currently has 260 beds and specializes in surgery, ENT, and internal medicine, including a vascular center, which complements Schön Klinik group’s treatment range.
Family-owned and operated clinic group Schön Klinik is a leading private hospital operator in Germany. The group operates at sites in Bavaria, Schleswig-Holstein, Hesse, and Hamburg, where some 10,000 people treat more than 100,000 patients annually. The medical focus lies on psychosomatic medicine, orthopedics, neurology, surgery, and internal medicine. In the past decade, the hospital chain recorded an annual average growth rate of some ten percent; in 2015, it generated revenue of EUR 743 million. The acquisition of Dominikus hospital Düsseldorf-Heerdt adds the group’s first clinic in North Rhine-Westphalia. Schön Klinik treats all patients, whether under statutory or private insurance schemes.