UBS to sell Hirslanden
With the sale of Hirslanden Holding AG, UBS is divesting a non-core business. The sale is being made to funds managed by BC Partners, who own the largest chain of acute care hospitals in the UK and one of Europe's largest hospital chain. The value of the transaction, including assumed liabilities, is CHF 930m. The profit on sale will be reported in fourth quarter of 2002.
UBS will sell its 91.15% equity stake in Hirslanden Holding AG. The sale is being made to funds managed by BC Partners. BC Partners funds also own General Healthcare Group, which runs BMI, the largest chain of acute care hospitals in the UK and one of Europe's largest hospital chain. The transaction is expected to be completed in the fourth quarter of this year. The profit on sale will be reported in UBS Corporate Center income statement for the fourth quarter of 2002.
With the sale of Hirslanden, UBS is divesting a non-core business. The moment for the deal was chosen with care. UBS has supported the growth of Hirslanden over the past 12 years. Hirslanden has successfully consolidated its leading position in Switzerland and now needs a strong partner for possible further expansion. BC Partners, as the owner of General Healthcare Group, fulfils this requirement. UBS believes that the solution is in the best interest of Hirslanden since a European partner with expertise in first-class health care will guarantee continuing quality. The Board of Hirslanden recommends the transaction.
Zurich / Basel, 1 November 2002
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