Shearman & Sterling advised Deutsche Bank AG, London Branch and EFG Hermes Promoting and Underwriting, as joint global coordinators, and Citigroup Global Markets Limited, as joint bookrunner, in connection with the initial public offering and London Stock Exchange listing of Integrated Diagnostics Holdings plc (“IDH”).
The IPO marks the first primary listing of an Egyptian healthcare business in London. The offering, in which the selling shareholders sold approximately 43.5% of IDH’s share capital, raised US$290 million.
IDH is the largest fully integrated private sector diagnostics services provider, including pathology and molecular diagnostics, genetics testing and basic radiology, in Egypt. As at 31 December 2014, it operated six different brands with 288 labs across Egypt and the MENA region. In that year, IDH performed 22.3 million tests for 5.6 million patients.
The Shearman & Sterling team was led by partner David Dixter and included associates Lulu Zhou and Rainer Adlhart (all London-Capital Markets), as well as partner Marwan Elaraby (Abu Dhabi-Capital Markets) and partner James Duncan and associate Eric Ho (both London-Finance). Partner Kristen Garry and associates Mary Jo Lang and Michael Daly (all Washington, DC-Tax) advised on US tax aspects of the transaction, while counsel Simon Letherman and associate Elizabeth Emerson and trainee solicitors Lois Howarth and Sarah Moir-Porteous advised on UK tax aspects. Partners Barney Reynolds and Thomas Donegan, counsel Azad Ali and associates Anna Doyle, Oliver Linch and Maria Chan advised on UK financial regulatory aspects of the transaction. Legal assistants Francesca Minoretti (London-Capital Markets) and Abdul Alsudairy (New York-M&A) also assisted on the transaction.