Good afternoon, ladies and gentlemen, welcome to our conference call and audiocast on today's news. I'm Kati Kaksonen. I'm in charge of investor relations here at Terveystalo. Our CEO, Yrjö Närhinen, and our CFO, Ilkka Laurila, will give a presentation on today's topic. We'll follow that with a Q&A. We'll take questions from the phone lines as we have the audiocast available as well. You can send the questions through the audiocast link in writing if you prefer that. Without further ado, I'll give over to Uki.
Good afternoon. Good morning. I think it's fair to say that we should not make this a habit, having an analyst call every day. I think today it's still worth to take a few minutes. Welcome again from my side. Today's news, Terveystalo acquires or we have signed an agreement that we would acquire Attendo's healthcare operations in Finland. Of course, pending authority approvals. We'll spend a few minutes talking about the logic. We'll split the presentation into two pieces. I'll talk about what's the strategic logic. Ilkka will run through the numerical piece as starts to be our habit. If I take page three, skip the disclaimers, basically here is then the kind of the nutshell. We think combining Attendo's healthcare operations and Terveystalo's existing operations would create a unique new company with a unique set of competencies.
Of course, we think they're highly complementary. Not only that, I think we would also create a strong Finnish owner for Attendo's healthcare business. We think this will prove to be beneficial for a large array of stakeholders. We think customer will fundamentally benefit, be it a citizen or be it a paying customer, from a combination of larger network, unique set of competencies, Terveystalo's digital platform, and then in-depth knowledge that Attendo operations has on communities and public payers. I think at least as important is the benefits that this will provide for our combined set of employees. I think this will provide a unique set of possibilities for healthcare professionals to develop their careers, be it from early days of career to throughout their careers, be it private practitioners or employees.
For shareholders, we believe this is value-enhancing from basically day one. At least we think after post-synergy multiples, I think we're talking about a very attractive deal. A few key numbers Ilkka will run through more. Enterprise value EUR 233 million in cash, implies EV over adjusted EBITA at entry-level of 13.3x, 10.66x, including run rate synergies that we will come on to talk about. This is a subject of Finnish Competition and Consumer Authority approval. We think it's going to take a few months. Our expectation is to be able to complete at the latter part of 2018. On page four, looking at the logic, we really think that it does bring two unique industry-leading platforms, combines them in a unique way that is one, it's healthcare-focused.
Two, it has unique sets of competencies that actually come from managing different sets of customer groups, be it public customers or be it private customers. That combined with the network, with the digital platforms, with a large pool of healthcare professionals, I think allows us to create a nationwide centralized and decentralized operation that actually is able to be extremely competitive from day one but actually will create long-term value through combining these skills as we go forward. I think it is with or without the reform. If you then talk about the world after the reform, I think it will allow us to create a highly competitive sote center network faster than we would have been able to do on a standalone basis, either party.
On page five, you look at the key numbers and you can see that Terveystalo has currently a nationwide network, which you guys are all aware of. Revenue at EUR 690 million full year numbers, EBITA EUR 10.6 million, about 9,000 professionals. Notably, 54% of the business are corporate, 37% private, only 9% public. You look at Attendo's operation, it's almost a mirror image. Still sizable, EUR 235 million of revenue, a EUR 7.5 million EBITA, and around 40 units. 85% of funding comes out of the public sources, only 15% private and corporate. I think that alone explains the logic. You look at the history, though, I think it's always good to look back every now and then before creating the view to future.
Here you have two companies that have both been formed at the beginning of 2000, had a very different path, I think leading to the situation that we are today. MedOne, which was basically started back at 2000, is originally a staffing company that has then gone into healthcare outsourcing, acquired by Attendo, and I think then broadened their portfolios into dental, into a full outsourcing concept. Nevertheless, has been always a very strong operator in public money and private provision, especially providing expertise and producing in-house for public facilities. Terveystalo, on the other hand, strong background on healthcare, occupational healthcare, private healthcare, 91% private funding. Our system and our logic is all around network optimization, digitalization, create efficiencies of scale through operations. We benefit from centralized activity, whereas Attendo is a true expert on decentralized activity.
I think combining these two, of course, should allow us to cross-fertilize knowledge quite deeply. Basically, not to repeat what has been said, I think the point is that we have a stronger, more versatile nationwide operator capable of delivering cost-effective, high-quality healthcare. Therefore, we're catering a larger group of customer needs, as well as then providing a unique career opportunity for healthcare professionals throughout their careers. I think that combination is strategically particularly compelling. There you see then maybe if you dive a little bit deeper and you look at the logic, Terveystalo, you know our fundamental logic, which is all about combining high-quality healthcare with operational efficiency, but at the end of the day, having customer patient at heart.
We work hard to create digital platforms, operational platforms that essentially allow us to run an inherently decentralized system with a very central efficiency that then, in turn, allows us to manage quality, report quality, as well as then command, I think, industry-leading margins at least to an extent. That then combined with Attendo's, what I would call unique service model, very knowledgeable on public customers, very strong culture on providing customer value on a public setting. I think they know what I would call, from our point of view, reverse engineering, which is to be able to provide high-quality healthcare services with limited funding, i.e., to be really good at prioritizing where they put their efforts on. Also managing successfully a professional high-quality staffing HR and recruiting pool.
Combining these, I think would again be competencies that neither of them are as efficient on their own as I think we can be together. That really, I think, gives us quite a lot of good confidence. We are a desired employer by physicians as well as students. Actually, if you look at especially the younger physician group, Attendo has a very strong brand name there. Of course, again, that is part of the attraction where if you would look at the staff pool that we have, they tend to be more on the specialized side. Whereas then in Attendo's case, these tend to be predominantly individuals with beginning of career. I think that whole career perspective for healthcare professionals, I think, is a very exciting thought. Strategically, I think it makes sense.
At least it makes a lot of sense to me. Numerically, I also think it makes a lot of sense, if we let Ilkka to run through the numbers we'll get a little bit of a clearer view.
Good morning on my behalf as well. On the synergies, this is a bit different case than the early acquisitions. As Yrjö already told you, we are more complementary businesses, therefore, in this case, we also see a lot of potential when it comes to the sort of strategic synergies and sort of top-line synergies. Many of those we believe that through the acquisition then happen are actionable straight from the closing, there is a couple of examples that we believe that are beneficial for the businesses. For example, we are able to utilize their excellent and well-experienced HR services, their staffing services, their recruitment services, and use those resources and competencies within our Terveystalo's own operations and organizations and feel sort of Resourcing gaps on through those resources. On top of that, obviously, Terveystalo is especially strong when it comes to the occupational healthcare.
Although Attendo's occupational healthcare business is not that sizable, it would most likely benefit from Terveystalo's competencies. On the other hand, by combining our dental businesses, in which the network is actually quite complementary to each other, we don't have many cities that both have units. Combining those networks and the competencies in that business, we are able to gain the sort of new scale for our combined dental business. Obviously, it will provide further cross-selling opportunities. Attendo's business is especially strong in smaller cities, in smaller locations, whereas our business is stronger in larger Finnish cities. We have the clinic hospitals nationwide, approximately 20 of those in larger cities. By further building our hub-and-spoke model from the smaller units, from the smaller Attendo's cities into our larger cities, we are able to build a further integrated value chain and the care chain.
Obviously, we also believe that by combining the operations, we are further still stronger partner especially to the public sector customers and improve our competitiveness in that segment, especially. If we take a look at the sort of hard cost synergies, we see obviously that there is opportunities in that area as well. I would probably put it in sort of three baskets. Procurement is obvious one. We are even more attractive client and the customer to our suppliers when our businesses are combined, be it then materials or the services, be it then admin type of indirect sourcing and indirect procurement.
On the other hand, like Jussi told you, there is some sort of possibilities to combine units, although not so many, you are able to gain some synergies out of those unit combinations, as well as then the third element is the admin functions and the sort of harmonized operations in there. The total amount of the estimated synergies at this moment is roughly that EUR 5 million. We believe that the transaction would be value-creating from the first calendar year following the completion. Obviously, there's always implementation costs related to synergies as well as the transaction cost, mostly comprising of taxes as well as the advisor fees. A couple of words of the financing and the leverage impact. We are well prepared from the financial perspective to the transaction. Our current lending banks have committed to finance the transactions.
In this slide, you can see the leverage impact. If the leverage yesterday as we announced was at 3.5 with the sort of illustrative numbers based on the March, in fact the leverage would increase up to four times EBITDA. Obviously, that excludes, first, the synergies and secondly, that the time is illustrative as the closing will take place only sort of after the March, obviously. As both businesses are pretty much cash flow generating in nature, the actual sort of leverage is going to be most likely somewhat lower when the actual closing would then happen during the autumn before the year end. On the couple of words on the key figures still, which we published obviously should take into account that the Terveystalo's numbers here are 2017 numbers.
We published our first quarter results with significant growth in all in top line and the profitability yesterday, as well as Attendo's Finnish healthcare operation numbers are based on Carwalt information and based on 2017 numbers. Therefore should be taken into account that the combined numbers are quite illustrative in nature in that sense, and not including the synergies which we expect also to be realized. Other key numbers that you can see as an example, again, dental units at the end of 2017, our dental units amount was at 18. As we have published, we have already acquired couple of new entities, so our dental network is somewhat larger than that at the moment.
As the opposite, Attendo's dental unit amount includes both the private business, which is complementary or similar to our business, as well as those outsourcing locations that they have in dental business, and therefore our numbers also in that area are not comparable in nature when it comes to the number of clinics. Those are the numbers that we have available and we are able to publish at the moment. I think that we can open the lines for the possible questions and continue from that.
Thank you, Yrjö and Ilkka. Do we have any questions from the phone lines?
Currently no telephone questions at this time. If anyone would like to ask a question, please press star one on your telephone keypad. Currently no telephone questions. A reminder, that's star one if you would like to ask a question.
Okay. If there are no questions from the phone lines, we have no questions from the audio cast either. I believe we'll wrap up and thank you.
With that too, I hear.
Thank you. This does conclude today's conference call. Thank you for your participation. You may now disconnect.