Ashurst advises on the new financing transaction of Hippocrates Holding, a company of Antin

Global law firm Ashurst has advised Hippocrates Holding, the leading national pharmaceutical retail company with over 500 pharmacies under the Lafarmacia brand, and Antin, the main shareholder of the Hippocrates Group, in a financing transaction through the raise of additional capital to support the next phase of the group's growth, which aims to close 2025 with 600 owned pharmacies.

The financing transaction involves Hippocrates Holding and a pool of institutional investors and national and international banks in the amendment, increase, and extension of the original financing agreements signed in December 2022, also through the issuing of a new bond loan, as well as access to a new credit line of 350 million euros, bringing the total value of the financing to over 1.25 billion euros.

The pool of institutional investors and national and international banks included, among others: certain funds represented by BNP Paribas Asset Management Europe, Edmond De Rothschild, Rivage, Anima Alternative SGR, Intesa Sanpaolo S.p.A., Natixis S.A., Milan Branch, Banco BPM S.p.A., Banca Ifis S.p.A., Crédit Agricole Corporate and Investment Bank, Milan Branch, Goldman Sachs Bank Europe SE, Kommunalkredit Austria AG, Banque Nomura France, Société Générale, Milan Branch, and BPER Banca S.p.A.

Ashurst assisted Antin, the main shareholder of the Hippocrates Group, and Hippocrates Holding with a multi-jurisdictional team led by partner Carloandrea Meacci from the Milan office, which included counsel Nicola Toscano, senior associate Yasmina Tourougou, associate Francesco Pizzal, and trainee Giovanni de Camelis for financial aspects, partner Annalisa Santini, supported by associate Daniele Dainese, for debt capital markets aspects, partner Michele Milanese and associate Federico Squarcia for tax aspects, and partner Gabriele Accardo, counsel Giulia Carnazza, and associate Cecilia Ghinassi Carini for antitrust and regulatory aspects. The London team of Ashurst was coordinated by counsel Katherine Williams, supported by associate Daniel Smith and trainee Rory McCracken, with partner Helen Jones and associates Emma Bridger and Georgina Burford-Taylor for debt capital markets aspects.