International law firm CMS is advising healthcare sector real estate investment trust Primary Health Properties plc (PHP) on its £392m merger with MedicX Fund Limited, announced today. The agreement is intended to be implemented by way of a scheme of arrangement of MedicX, under which PHP will acquire the entire issued and to be issued share capital of MedicX.
As a result of the merger, the enlarged PHP will acquire a portfolio of 479 properties in the UK and the Republic of Ireland with a combined value of approximately £2.3bn. The strategic combination provides PHP with an enhanced ability to meet the increasing needs of the primary healthcare sector in the UK and the Republic of Ireland, for the provision of a range of modern, purpose-built and integrated primary healthcare services to the local communities.
The CMS team advising on the transaction is being led by Partners Glyn Taylor and Jack Shepherd, and supported by Gordon Anton, Philippa Chatterton, Jennifer Gray, Sophie Curran, Paul Cole, Andrew Wheelhouse, Kieran O’Brien, Zoe Curtis, Ellis Schindler and Annie Turner (Corporate); Brian Sher, Kabir Garyali, Russell Hoare and James Colvin (Competition); Andrew McLean and Marion Carpanen (Banking); and Anthony Hollands (Employment).