Posse Herrera Ruiz acted as Colombian legal advisor to Lazard Colombia SAS, which in turn acted as financial advisor to Saludcoop EPS (En Liquidación) in the sale of the assets of Cafesalud EPS, the largest health insurer in Colombia which insures around 5.8 million individuals, and the shares of Estudios e Inversiones Médicas – Esimed S.A., a health care provider which operates around 80 clinics nationwide. The sale process was conducted by means of a competitive bid, which included a prequalification process, in which bidders were to certify compliance with certain financial and experience requirements.
Following the review of experience and financial requirements, the shares were awarded to Consorcio Prestasalud (a group of Colombian hospitals and health institutions), for a price of COP 1,450,000,000,000 (US$500 million approx.). The closing of the transaction is subject to regulatory approval by the Colombian Superintendency of Health.
The transaction involved the transfer of the business of the largest health insurer in Colombia, and is the largest transaction in this industry in Colombia. This is also a noteworthy transaction because it involves the transfer of the business of a distressed company.
Awarding Date: May 24, 2017