Simpson Thacher has represented Apax Partners LLP on Apax Funds’ agreement to sell 100% of its interests in General Healthcare Group, which owns BMI Healthcare (the U.K.’s largest private hospitals group), to its existing co-investor, Netcare (a South African healthcare company listed on the Johannesburg Securities Exchange). The consideration will take the form of warrants to subscribe for shares in Netcare over the course of the next five years. The sale is subject to certain conditions, including South African Reserve Bank approval.
The London-based Simpson Thacher team included Derek Baird, Charles Leeming and Emily Cornhill (U.K. Corporate).