SEGURCAIXA ADESLAS (SCA), the leading health insurance company in Spain and part of the Mutua Madrileña Group, has recently acquired a stake (close to 75%) in GRUPO IMQ, whose reference company is Igualatorio Médico Quirúrgico.
Igualatorio Médico Quirúrgico, founded in 1934 in Bilbao, is the oldest medical insurance company in Spain and is the undisputed leader in health insurance in the Basque Country. In addition to the insurance company, the group is made up of a series of companies in the health and social-health fields, including the Zorrozaurre Clinic in Bilbao, the Igurco subgroup, dedicated to the care of the elderly in residences and day centers, and the subgroup dedicated to the prevention of occupational hazards, forming a business group that serves more than 384,000 people, directly employing more than 2,750 people, with a medical staff of more than 1,700 professionals and an aggregate annual turnover of more than 330 million euros.
The transaction, which values the Group at nearly 300 million euros, was particularly complex due to the group's shareholder composition (more than 1,100 shareholders with different sensitivities and personal situations, grouped on various platforms), as well as the fact that it required the authorization of the supervisor (Directorate General of Insurance), as insurance is a regulated and supervised activity, and the authorization of the competition authorities due to the size of the buyer and of the IMQ Group.
The transaction guarantees the survival of the IMQ Group and solves the internal problems arising from the very high concentration of shareholders who are retired or close to retirement and is the culmination of a collaboration with Adeslas that began more than 15 years ago.
The PKF Attest team has been the financial advisor to the Board of Directors of the parent company of the IMQ Group throughout the almost 3 years of negotiations”.
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