Hospital scanner firm on the market after failed restructuring talks
Wed, 25 Aug 2010 | BUSINESS SALE
Dubai International Capital LLC has put British hospital scanner firm, Alliance Medical Ltd, on the market after restructuring talks failed.
It is anticipated that Blackstone, Alliance’s adviser, will put the business up for sale, following a valuation at between £300 million and £340 million by Blackstone and Deloitte, which is acting as adviser to Alliance's lenders.
Bridgepoint sold Alliance to Dubai International in a deal worth £600 million in 2007, while retaining a minority holding. Dubai International has since poured about £150 million into the business, according to reports.
The present owner had intended to inject a further £35 million into Alliance but its lenders are taking action to find a better outcome.
It was reported last week that the business would be put on the block if restructuring talks with its senior investors broke down. The latest development is thought to have seen the lenders, including Lloyds Banking Group, correspond with the firm requesting that they consider a sale.
Blackstone is expected to initiate the sale proceedings tomorrow, as well as exploring alternatives including new investment from another firm.
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