Equity funds to buy Esaote for more than $415M

Intesa Sanpaolo and Ares Life Sciences, private equity funds focused on investing in the biomedical and healthcare sectors, have reached an agreement to acquire ultrasound and MRI technology developer Esaote for EUR280 million ($415.7 million, U.S.).

In addition to the Milan, Italy-based Intesa and Geneva-based Ares, the Esaote acquisition consortium will include Equinox Two, MPS Venture 2, Carige and a group of managers led by Carlo Castellano, current chairman and CEO of Genoa, Italy-based Esaote.

The agreement provides for the transfer of 100 percent of Esaote to a newly incorporated company: 40 percent owned by Ares, and Intesa Sanpaolo, Equinox Two SCA, MPS Venture 2, Carige and a group of Esaote management holding a combined 60 percent stake

Previously, Intesa held 57 percent of Esaote’s share capital with 13 percent held by Equinox Investment.

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