Kirkland Advises Cinven on Reinvestment of Elliott in SYNLAB

Kirkland & Ellis has advised Cinven on the acquisition of the shares in SYNLAB held by funds advised by Elliott Advisors (UK) Limited ("Elliott") and the simultaneous reinvestment of Elliott into SYNLAB via a holding entity controlled by Cinven.

Through this transaction, Elliott will become an indirect minority shareholder in SYNLAB alongside existing shareholders Cinven, Qatar Holding LLC, a wholly-owned subsidiary of Qatar Investment Authority, and Labcorp (following the closing of Labcorp's indirect minority investment in SYNLAB expected for early 2025). Following this transaction, Cinven will continue to be the controlling majority shareholder in SYNLAB. The transaction with Elliott is subject to regulatory approvals and is also expected to close in early 2025.

SYNLAB is one of the leading European clinical laboratory and medical diagnostic services companies and has more than 27,000 employees in over 20 countries across four continents. The company achieved revenues of €2.64 billion in 2023. Kirkland already advised Cinven on the public acquisition offer and reinvestment of co-investors in 2023 as well as the subsequent delisting of SYNLAB AG and the sale of an indirect minority stake to Labcorp in 2024.

Read Cinven's press release

The Kirkland team included transactional lawyers Dr. Christoph Jerger, Dr. Ben Leyendecker, Dr. Sebastian Häfele and Dr. Marcus Commandeur.