(Reuters) -Construction company Porr will acquire the Austrian project development business of VAMED and the Austrian thermal spa holdings from Fresenius as Austria's Strabag withdrew from the deal,
Porr Takes Over VAMED's Austrian Assets as Strabag Exits Deal
Overview of Porr's Acquisition of VAMED Assets
(Reuters) -Construction company Porr will acquire the Austrian project development business of VAMED and the Austrian thermal spa holdings from Fresenius as Austria's Strabag withdrew from the deal, the companies said on Friday.
Details of the Acquisition
Porr said the purchase price was one euro ($1.16). "Additionally the VAMED Group will capitalise the respective companies accordingly in order to settle liabilities," it added.
Strabag's Withdrawal Explained
Strabag said it was terminating its part of the joint purchase agreement for parts of VAMED as the deal could not be implemented as planned.
Fresenius's Strategy for Divestment
Strabag said it would continue separate negotiations to acquire the remaining parts of Vamed's Austrian operations, including the AKH, which manages Vienna General Hospital's facilities and construction projects, from Fresenius subsidiary VIACAMA.
Fresenius said that splitting the sale into two independent steps simplified and accelerated the divestment.
The deal was originally concluded by a joint holding company between Strabag and Porr.
($1 = 0.8642 euros)
(Reporting by Bernadette HoggEditing by Ludwig Burger and Thomas Seythal)
