Shearman & Sterling advised the joint global coordinators and joint bookrunners, led by Carnegie, Morgan Stanley and SEB, on the initial public offering and Nasdaq Helsinki listing of Terveystalo Oyj. The transaction, which closed on October 13, 2017, is the largest initial public offering in Finland since 1998, the largest ever private equity exit in Finland and the largest IPO in the Nordics so far 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 €876 million (including the over-allotment option).
Terveystalo Oyj is a leading private healthcare service provider in Finland offering 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 reach through its approximately 180 clinics, covering all 20 of Finland's largest cities, together with its digital platforms.
The Shearman & Sterling team was led by partner David Dixter,counsel Pawel Szaja and associate Elena Dzhurova (all London-Capital Markets). Partners Kristen Garry (Washington, DC-Tax) and Simon Letherman (London-Tax) and associates Sarah Moir-Porteous (London-Tax) and Devon Yamauchi (Washington, DC-Tax) advised on U.S. and U.K. tax matters.