UBS Asset Management (UBS-AM), via its infrastructure debt strategy, has backed DWS Alternatives Global’s acquisition of Mediapass with a €55m investment.
In September, Italian healthcare firm KOS agreed to sell the provider of radiotherapy and medical diagnostic imaging equipment and services company to Inframedica in a €169.2m deal. Inframedica is owned by DWS Alternatives Global, the manager of the Pan European Infrastructure III Fund.
UBS-AM said today that it is investing in a five-year private bond to finance the acquisition. The €55m bond comprises two tranches with the first being the €37.5m of acquisition financing which was drawn down to complete the transaction. A second tranche consists of €17.5m of commitments, which will be drawn down over the next two years to fund new investments and Medipass’ growth.
Alessandro Merlo, head of infrastructure debt at UBS-AM, said: “This is a milestone transaction for us and underlines the compelling investment case for directing institutional capital towards the “real economy” and the provision of essential services, something that has become even more important in the current context and challenges posed by the global pandemic.
“The investment is indicative of our appetite to provide innovative financing for well-structured infrastructure projects in strong markets, particularly those that are both underpinned by cashflows from essential services and offer a high degree of social value.”
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