Asklepios and RHÖN founder Eugen Münch (together with Ingeborg Münch and HCM SE) agreed to pool their combined RHÖN shareholdings — representing nearly 50% of the capital — into a newly created joint venture. Under the terms of the agreement, the Münch family contributed approximately 7.6% of RHÖN shares directly into the joint venture and sold approximately 12.4% of RHÖN shares to Asklepios, which contributed these together with its existing RHÖN stake into the joint venture. Simultaneously, Asklepios announced a voluntary public tender offer for all remaining outstanding RHÖN shares at €18.00 per share in cash, subject solely to antitrust clearance and with no minimum acceptance threshold. Shares acquired through the tender offer will also be contributed into the joint venture, which is expected to hold at least approximately 49% of RHÖN's share capital post-closing. RHÖN will remain an independent company following the transaction. The strategic rationale centres on combining Asklepios's operational expertise and scale with RHÖN's Campus model and university hospital platform, unlocking network medicine, digital innovation, and new integrated care models across Germany.

RHÖN-KLINIKUM, which reported an EBITDA margin of LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the average currently observed in the Healthcare & Pharma sector (13.3x).

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