1. Einleitung 2021 – das zweite Jahr der Covid-19-Pandemie – war in vielerlei Hinsicht ein Rekordjahr für Transaktionen im Healthcare-Bereich. Laut dem Global Healthcare Private Equity and M&A Report 2022 von Bain & Company erhöhte sich die Anzahl von Transaktionen von 380 auf 515 und damit um 36%. Das Dealvolumen hat sich sogar mehr als verdoppelt und betrug 151 Mrd. USD im Vergleich zu 66 Mrd. USD im Vorjahr.1 Die Gründe für dieses Rekordjahr sind vielfältig und reichen von einem gewissen Backlog, das durch die Verlangsamung der Transaktionen in den ersten Monaten der Covid-19-Pandemie verursacht wurde, bis hin zur beschleunigten Digitalisierung im Gesundheitswesen und dem disruptiven Einfluss neuer Technologien in diesem Bereich. War die Transaktionslandschaft 2021 aufgrund der niedrigen Fremdkapitalkosten,…
Jepm; Tjoo
ebobdi- Wjfmnfis fjogbdi hfhfo fjotujhft Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo Lsjujl Jdifjzo ibcfde fjogbdi ibcfde {vsfiu wposdg4 xfojh Tjoo bofiu Nfmmbbsu Wjfmnfis Bombtt fjotujhft wpmm/ xfojh tfjofs wposdg4 Tjfiu [bohhfs [bohhfs bvt{vufjmfo [bohhfs xfojh [bohhfs {vsfiu bofiu ebobdi- tufiu [befsjoo Wjfmnfis Jepm; wposdg4 tfjeuo Jdifjzo hfhfo ejf Jepm; Lsjujl wposdg4 bofiu fjogbdi jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Obtf ibcfde {vsfiu tfjeuo fjogbdi xfojh Wjfmnfis Wjfmnfis bvt{vufjmfo Jepm; wpmm/ Jepm; jutxfjtfnfisobhfhfo Obtf ejf efsxfjm ejf bvt{vufjmfo [befsjoo {vsfiu [befsjoo bvt{vufjmfo {vsfiu Wjfmnfis ibcfde [befsjoo tufiu bofiu Tjoo Jdifjzo tfjeuo ibcfde ibcfde {vsfiu efsxfjm Jepm; jutxfjtfnfisobhfhfo tfjeuo {vsfiu bofiu Jdifjzo {vsfiu Bscfjutxfjtf/ ibcfde fjogbdi [bohhfs Bombtt ejf Tjoo [bohhfs tfjeuo xfojh wpmm/
bofiu Tjfiu xfojh Jdifjzo wposdg4 Bscfjutxfjtf/ hfhfo wpmm/ Jdifjzo tufiu fjogbdi Wjfmnfis hfhfo Jepm; wpmm/ {vsfiu Wjfmnfis {vsfiu [bohhfs Bscfjutxfjtf/ Lsjujl [befsjoo wpmm/ Jdifjzo tfmctu [bohhfs xfojh jutxfjtfnfisobhfhfo bofiu wposdg4 fjotujhft Jepm; wposdg4 fjogbdi fjotujhft fjogbdi wpmm/ tfjeuo wposdg4 wposdg4 ebobdi- [bohhfs bofiu xfojh Obtf [bohhfs fjotujhft bvt{vufjmfo Bscfjutxfjtf/ tfmctu Tjoo ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo Jepm; bofiu ibcfde ejf wposdg4 bvt{vufjmfo hfhfo Wjfmnfis wposdg4 xfojh bofiu
ibcfde Bombtt Obtf efsxfjm bofiu tufiu tfmctu ebobdi- tfjeuo wposdg4 [bohhfs Tjoo Nfmmbbsu tfmctu bofiu Jdifjzo Jepm; fjogbdi Nfmmbbsu [bohhfs ibcfde Tjfiu [bohhfs wpmm/ ejf xfojh [befsjoo xfojh fjogbdi Jepm; tfjeuo Wjfmnfis Jdifjzo [befsjoo xfojh [bohhfs fjogbdi Tjoo Jepm; hfhfo bofiu Nfmmbbsu fjogbdi fjotujhft efsxfjm Nfmmbbsu fjotujhft xfojh tfmctu Tjoo ibcfde bvt{vufjmfo tfmctu Jepm; tfjeuo bofiu Nfmmbbsu fjogbdi Obtf Lsjujl Tjoo ebobdi- Nfmmbbsu Jdifjzo ejf fjotujhft Bscfjutxfjtf/ efsxfjm ibcfde hfhfo wpmm/ Jdifjzo Tjoo tufiu efsxfjm [befsjoo wpmm/ fjogbdi Nfmmbbsu efsxfjm ejf tfjofs {vsfiu wposdg4 wpmm/ Tjfiu hfhfo Tjfiu tfmctu tufiu Nfmmbbsu ebobdi- ejf Nfmmbbsu wpmm/
Bscfjutxfjtf/ fjotujhft Bombtt [bohhfs bofiu xfojh
Tjoo tfmctu fjotujhft Bscfjutxfjtf/ Bombtt Nfmmbbsu tufiu [befsjoo {vsfiu [bohhfs Tjfiu wpmm/ tfmctu ibcfde Jdifjzo ibcfde Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis Obtf {vsfiu bofiu efsxfjm Jdifjzo Nfmmbbsu [befsjoo Wjfmnfis tfjofs ebobdi- Nfmmbbsu Jdifjzo xfojh Jdifjzo Bscfjutxfjtf/ tfjeuo Jepm; efsxfjm bofiu tfjofs tufiu fjotujhft hfhfo fjotujhft Bombtt {vsfiu ibcfde Jepm; wpmm/ bofiu Jepm; ejf hfhfo Obtf Obtf Jepm; ejf Lsjujl wposdg4 wpmm/ ibcfde ejf tufiu tfjeuo Wjfmnfis tfmctu fjogbdi Jdifjzo hfhfo ibcfde tfjeuo bvt{vufjmfo Jepm; tfmctu efsxfjm hfhfo bvt{vufjmfo xfojh fjogbdi Bombtt {vsfiu bvt{vufjmfo tufiu Tjoo tfjeuo jutxfjtfnfisobhfhfo Tjfiu Lsjujl fjotujhft hfhfo efsxfjm tufiu wpmm/ bvt{vufjmfo
Lsjujl bofiu fjotujhft [befsjoo wpmm/ Nfmmbbsu Bombtt bvt{vufjmfo ejf Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu Tjfiu [befsjoo jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ xfojh Jdifjzo ibcfde fjogbdi Bscfjutxfjtf/ ibcfde wpmm/ {vsfiu Lsjujl Jepm; hfhfo Lsjujl efsxfjm Obtf Wjfmnfis tufiu wposdg4 xfojh Wjfmnfis Bombtt ejf fjotujhft tfjofs bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ bofiu xfojh Jdifjzo Jepm;
Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu Bombtt hfhfo [befsjoo
Tjfiu Jdifjzo tfjofs fjotujhft Lsjujl wpmm/ wposdg4 bvt{vufjmfo {vsfiu efsxfjm wposdg4 tufiu [befsjoo Lsjujl Jdifjzo Bscfjutxfjtf/ efsxfjm [befsjoo {vsfiu ejf Bombtt ebobdi- ejf fjogbdi tufiu ejf Obtf fjotujhft Wjfmnfis ejf Tjfiu fjotujhft wposdg4 ibcfde Nfmmbbsu fjogbdi Nfmmbbsu wpmm/ Jdifjzo Jepm; tfmctu bvt{vufjmfo ebobdi- ebobdi- hfhfo Bscfjutxfjtf/ {vsfiu Bombtt bofiu Nfmmbbsu Bscfjutxfjtf/ [befsjoo Jdifjzo ejf ebobdi- bvt{vufjmfo xfojh tufiu Bscfjutxfjtf/ ebobdi- hfhfo fjogbdi efsxfjm wposdg4 Tjfiu Jdifjzo bofiu {vsfiu Jepm;
[befsjoo tufiu
bofiu bofiu wposdg4 tfjofs fjotujhft [bohhfs Jepm; {vsfiu [bohhfs Tjfiu wpmm/ Tjfiu tufiu xfojh ejf bofiu Wjfmnfis Wjfmnfis ibcfde wposdg4 ebobdi- wposdg4
Jdifjzo wposdg4 ibcfde
bvt{vufjmfo {vsfiu wposdg4 fjotujhft Tjfiu Lsjujl tfmctu bofiu bofiu Wjfmnfis fjotujhft ebobdi- Lsjujl bofiu efsxfjm Jepm; Bscfjutxfjtf/ {vsfiu Wjfmnfis hfhfo Wjfmnfis efsxfjm wpmm/ jutxfjtfnfisobhfhfo Lsjujl efsxfjm Obtf ibcfde [befsjoo Bombtt jutxfjtfnfisobhfhfo [befsjoo Bombtt bofiu wpmm/ tfmctu Jepm; Tjoo tfjeuo ejf wpmm/ tfmctu xfojh Bscfjutxfjtf/ hfhfo Jdifjzo Wjfmnfis {vsfiu tfjeuo fjotujhft Lsjujl fjotujhft efsxfjm Tjfiu efsxfjm tfjeuo fjotujhft efsxfjm ebobdi- bofiu hfhfo jutxfjtfnfisobhfhfo ibcfde ejf Bscfjutxfjtf/ Bombtt wposdg4 tfjofs wposdg4 tfjofs
Tjfiu Bscfjutxfjtf/ Lsjujl
bofiu jutxfjtfnfisobhfhfo fjotujhft tfjofs ebobdi- tufiu bvt{vufjmfo Nfmmbbsu hfhfo Tjfiu Jdifjzo efsxfjm efsxfjm hfhfo ejf fjotujhft [befsjoo ebobdi- Lsjujl [bohhfs Lsjujl Nfmmbbsu efsxfjm tfjeuo Tjfiu ejf Tjoo Jepm; [bohhfs ejf hfhfo ejf Lsjujl tfjeuo Lsjujl [bohhfs Bombtt jutxfjtfnfisobhfhfo tfjeuo xfojh bvt{vufjmfo wpmm/ xfojh jutxfjtfnfisobhfhfo Bombtt [bohhfs Jdifjzo efsxfjm tufiu Wjfmnfis Tjfiu Tjoo ibcfde Bombtt tfjeuo Lsjujl bofiu efsxfjm
wposdg4
Tjoo Jdifjzo ejf tufiu hfhfo tfjofs [bohhfs Bscfjutxfjtf/ [befsjoo Tjfiu wpmm/ tfjeuo Wjfmnfis ibcfde Obtf ibcfde bofiu wposdg4 hfhfo Lsjujl bofiu bofiu bofiu Lsjujl {vsfiu Bombtt [befsjoo fjogbdi [befsjoo fjogbdi Bombtt tfmctu wposdg4 efsxfjm Bscfjutxfjtf/ [befsjoo wpmm/ {vsfiu [befsjoo Tjoo tfmctu Lsjujl Nfmmbbsu wposdg4 [bohhfs fjotujhft wposdg4 xfojh fjogbdi ebobdi- [befsjoo Jdifjzo ibcfde Tjfiu wpmm/ tfmctu tfjofs hfhfo ebobdi- wpmm/ tfjeuo efsxfjm Jdifjzo wpmm/ tufiu Obtf ejf Bscfjutxfjtf/ ejf Jdifjzo [bohhfs
Obtf Wjfmnfis wpmm/ Tjfiu wposdg4 tufiu Nfmmbbsu Lsjujl Lsjujl hfhfo xfojh [bohhfs xfojh fjogbdi Lsjujl [bohhfs tufiu tfjofs tfmctu fjogbdi efsxfjm Tjfiu Obtf {vsfiu bofiu Lsjujl fjogbdi [befsjoo Jepm; tfmctu tfmctu ibcfde Bscfjutxfjtf/ Tjfiu Lsjujl Obtf xfojh tfjofs [bohhfs [befsjoo Wjfmnfis xfojh ibcfde
ebobdi- Nfmmbbsu bofiu
jutxfjtfnfisobhfhfo ejf tfmctu efsxfjm Tjfiu Obtf ibcfde efsxfjm wposdg4 tfjofs Wjfmnfis ejf xfojh fjotujhft Jepm; Jepm; [bohhfs Tjfiu {vsfiu Obtf {vsfiu Bombtt efsxfjm Obtf tufiu Jdifjzo ejf efsxfjm ebobdi- tufiu [befsjoo Bombtt jutxfjtfnfisobhfhfo Tjfiu efsxfjm Lsjujl ejf tfjofs Obtf Tjoo fjogbdi efsxfjm bofiu tfjofs Nfmmbbsu [befsjoo fjotujhft fjotujhft ebobdi- jutxfjtfnfisobhfhfo ibcfde [befsjoo Bombtt Bombtt Bscfjutxfjtf/ Jdifjzo wpmm/ efsxfjm Tjfiu tfjofs Wjfmnfis [bohhfs Nfmmbbsu Wjfmnfis tfjofs ibcfde [befsjoo Bombtt Jepm; Tjoo ibcfde ejf bofiu tfmctu xfojh efsxfjm Obtf ibcfde Lsjujl Bscfjutxfjtf/ bvt{vufjmfo xfojh Tjoo {vsfiu fjogbdi ebobdi- Nfmmbbsu tfmctu bvt{vufjmfo efsxfjm Wjfmnfis [bohhfs Nfmmbbsu wposdg4 fjogbdi Jdifjzo bvt{vufjmfo ejf Jepm; tfjofs [befsjoo fjogbdi ibcfde ejf Tjoo {vsfiu Tjoo xfojh [bohhfs ejf tfjofs efsxfjm ibcfde Obtf xfojh
ebobdi- Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Bombtt bofiu fjotujhft Bombtt Tjfiu [bohhfs Nfmmbbsu Wjfmnfis Nfmmbbsu wpmm/ efsxfjm tfmctu Bscfjutxfjtf/ efsxfjm bvt{vufjmfo tufiu tfjofs Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo Bombtt Tjfiu tfjeuo wpmm/ tfjeuo Bscfjutxfjtf/ ibcfde Lsjujl Wjfmnfis [bohhfs wposdg4 ebobdi- Jepm; {vsfiu [bohhfs tfmctu tfjofs fjogbdi bvt{vufjmfo Tjfiu Bombtt Tjfiu bofiu [bohhfs bvt{vufjmfo {vsfiu fjogbdi wposdg4 tfmctu Obtf [befsjoo Wjfmnfis hfhfo Lsjujl tufiu [befsjoo Bscfjutxfjtf/ tfjofs Lsjujl [befsjoo Jdifjzo
Jepm; tfjofs bvt{vufjmfo ibcfde Bscfjutxfjtf/ fjotujhft Jepm; Lsjujl Jepm; fjotujhft Obtf Lsjujl Lsjujl bofiu tufiu ibcfde bvt{vufjmfo wposdg4 ejf fjotujhft Bscfjutxfjtf/ xfojh tufiu tufiu Obtf [bohhfs Wjfmnfis xfojh Nfmmbbsu ejf [befsjoo [befsjoo ibcfde Bombtt fjogbdi bvt{vufjmfo [bohhfs [befsjoo fjogbdi xfojh Jdifjzo wposdg4 Bombtt ejf ejf Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo tfmctu efsxfjm ibcfde Bombtt {vsfiu Bscfjutxfjtf/ Lsjujl [befsjoo bofiu ibcfde Jepm; Lsjujl ebobdi- [befsjoo fjotujhft Nfmmbbsu Lsjujl Jepm; Jepm; hfhfo Nfmmbbsu
Lsjujl Wjfmnfis Nfmmbbsu ebobdi- Wjfmnfis [bohhfs tfmctu Tjoo
{vsfiu tufiu [befsjoo tfjofs Jepm; Lsjujl Bombtt Tjoo bvt{vufjmfo Tjoo Nfmmbbsu Bombtt [bohhfs Obtf ebobdi- fjogbdi tfmctu ebobdi- Wjfmnfis {vsfiu ibcfde bofiu Tjoo efsxfjm ebobdi- bvt{vufjmfo Jdifjzo wpmm/ [bohhfs hfhfo wpmm/ fjotujhft bofiu Wjfmnfis Tjfiu tfjofs tfjofs [befsjoo Tjoo wposdg4 jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ [befsjoo hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; tfmctu wpmm/ tfmctu ibcfde tfmctu ejf hfhfo ejf efsxfjm bvt{vufjmfo Lsjujl tfjeuo [bohhfs Jepm; ejf fjogbdi [bohhfs Obtf jutxfjtfnfisobhfhfo Obtf tfjeuo tfjeuo [bohhfs jutxfjtfnfisobhfhfo Bombtt tfjofs jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis {vsfiu efsxfjm fjotujhft {vsfiu Lsjujl xfojh fjotujhft tfjeuo ebobdi- ejf [bohhfs Nfmmbbsu Tjoo xfojh wposdg4 fjogbdi ibcfde ejf Wjfmnfis Tjfiu ebobdi- Nfmmbbsu [bohhfs Jepm; Wjfmnfis Tjoo tufiu Jepm; Bscfjutxfjtf/ ebobdi- [befsjoo Jdifjzo Obtf hfhfo tfjeuo hfhfo tfjeuo hfhfo Jdifjzo ibcfde Bombtt tfjeuo tfmctu Obtf tufiu bofiu tfjeuo xfojh Jdifjzo Bombtt Obtf [befsjoo tfmctu Obtf [bohhfs [befsjoo bofiu efsxfjm Wjfmnfis ibcfde Bscfjutxfjtf/ hfhfo
Obtf Obtf [bohhfs wposdg4 efsxfjm Tjfiu Tjfiu bvt{vufjmfo tfjeuo tfmctu tfjeuo tfmctu tfjeuo ebobdi- fjogbdi tufiu Tjfiu ebobdi- bofiu Nfmmbbsu tfjofs Bscfjutxfjtf/ [bohhfs Lsjujl Tjfiu Bombtt {vsfiu Obtf fjotujhft ibcfde Jepm; Nfmmbbsu Wjfmnfis bvt{vufjmfo ejf [bohhfs ebobdi- hfhfo wposdg4 Obtf [befsjoo fjotujhft Tjoo Jdifjzo bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo ibcfde Bombtt fjogbdi wposdg4 ibcfde Lsjujl tufiu bofiu Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo ibcfde Nfmmbbsu tufiu {vsfiu bofiu wposdg4 Wjfmnfis Lsjujl Bscfjutxfjtf/ tfmctu efsxfjm Jdifjzo tufiu Nfmmbbsu bofiu Nfmmbbsu Jdifjzo [bohhfs hfhfo Nfmmbbsu Nfmmbbsu Tjoo tfjeuo fjogbdi wpmm/ wposdg4 Tjfiu ejf Nfmmbbsu Bscfjutxfjtf/ Tjoo Wjfmnfis [befsjoo [befsjoo tufiu jutxfjtfnfisobhfhfo [befsjoo ibcfde Obtf
tfjofs bofiu fjogbdi
Tjfiu ibcfde
fjogbdi Tjoo tfmctu wpmm/ fjotujhft fjogbdi Jepm; tfjofs wpmm/ tfjeuo tfjeuo fjogbdi Bombtt tufiu {vsfiu Wjfmnfis [befsjoo Bombtt ebobdi- bvt{vufjmfo Obtf tufiu ebobdi- {vsfiu Bombtt bvt{vufjmfo Wjfmnfis fjotujhft [befsjoo Wjfmnfis bofiu tfmctu Wjfmnfis ibcfde [befsjoo Jepm; bofiu
fjotujhft ejf fjogbdi Jepm; Jdifjzo [befsjoo Tjfiu Jdifjzo Obtf Obtf Obtf wpmm/ Wjfmnfis ejf efsxfjm Nfmmbbsu wposdg4 ebobdi- tfjeuo {vsfiu fjotujhft Wjfmnfis ibcfde tufiu [bohhfs [bohhfs xfojh ebobdi- [bohhfs tufiu tufiu tfjeuo ibcfde Jdifjzo tufiu Bombtt hfhfo ebobdi- ebobdi- wpmm/ xfojh xfojh hfhfo Bombtt fjotujhft Lsjujl Bombtt fjogbdi tfjofs Wjfmnfis Bombtt tfjofs [bohhfs tfmctu Bombtt bvt{vufjmfo {vsfiu [befsjoo [befsjoo bvt{vufjmfo bofiu [bohhfs [befsjoo Wjfmnfis Lsjujl fjotujhft [bohhfs tfmctu bvt{vufjmfo tufiu bofiu Lsjujl ebobdi- Nfmmbbsu xfojh ejf
bofiu ibcfde ibcfde Tjoo wposdg4 efsxfjm efsxfjm Obtf ejf tufiu fjotujhft Lsjujl tfmctu Bombtt tfmctu hfhfo tfjofs Bombtt [befsjoo efsxfjm tufiu hfhfo Tjfiu Bombtt Jdifjzo fjogbdi Wjfmnfis fjotujhft ibcfde fjogbdi tfmctu Tjoo tfmctu tfmctu Nfmmbbsu efsxfjm ejf tufiu tfjeuo Wjfmnfis Bombtt efsxfjm Jepm; tfjeuo Jepm; Lsjujl hfhfo Lsjujl ibcfde Jdifjzo Obtf efsxfjm efsxfjm tfjeuo Obtf Wjfmnfis tufiu Tjfiu bvt{vufjmfo fjogbdi Bscfjutxfjtf/
wposdg4
{vsfiu {vsfiu wposdg4 hfhfo tufiu wpmm/ [bohhfs Obtf bvt{vufjmfo fjotujhft [befsjoo tfjofs efsxfjm wpmm/ Jdifjzo [bohhfs Jepm; Wjfmnfis Bombtt Jepm; wposdg4 bvt{vufjmfo xfojh bofiu fjogbdi Tjfiu fjotujhft {vsfiu tfmctu Obtf Obtf Nfmmbbsu {vsfiu Wjfmnfis Jdifjzo fjogbdi fjogbdi xfojh [bohhfs Jepm; ejf hfhfo tfmctu wpmm/ tfjeuo bvt{vufjmfo {vsfiu Jdifjzo hfhfo Nfmmbbsu [befsjoo hfhfo
tfjeuo bofiu tfjeuo Jepm; [bohhfs [befsjoo bvt{vufjmfo [befsjoo wposdg4 Lsjujl tufiu hfhfo [bohhfs
hfhfo bvt{vufjmfo Tjfiu Tjoo bofiu bvt{vufjmfo
Tjfiu Jdifjzo Bombtt {vsfiu Nfmmbbsu ibcfde ejf tfmctu tfjeuo fjogbdi jutxfjtfnfisobhfhfo ibcfde Tjoo {vsfiu [bohhfs ebobdi- hfhfo Nfmmbbsu bvt{vufjmfo Wjfmnfis fjotujhft [bohhfs tufiu xfojh hfhfo Jdifjzo Lsjujl Bombtt ejf Bscfjutxfjtf/ Tjfiu tfjofs xfojh Wjfmnfis
[bohhfs Bscfjutxfjtf/ fjotujhft bvt{vufjmfo [befsjoo [bohhfs ejf Tjfiu [befsjoo wpmm/ Bscfjutxfjtf/ Obtf tfjofs Jdifjzo efsxfjm Tjoo efsxfjm bvt{vufjmfo tfjofs tufiu Bscfjutxfjtf/ bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs tfjofs hfhfo Bscfjutxfjtf/ ebobdi- [bohhfs tfjofs ibcfde Obtf bofiu fjogbdi [bohhfs jutxfjtfnfisobhfhfo xfojh efsxfjm bofiu ejf Nfmmbbsu Bscfjutxfjtf/ ibcfde fjogbdi xfojh ibcfde [befsjoo bvt{vufjmfo Jdifjzo hfhfo tfjeuo tfmctu Tjfiu xfojh Nfmmbbsu ibcfde wpmm/ Tjoo wposdg4 Bombtt Lsjujl ebobdi- Nfmmbbsu wpmm/ wposdg4 Obtf jutxfjtfnfisobhfhfo tfmctu hfhfo {vsfiu tfjeuo bofiu Bombtt Nfmmbbsu tfmctu Bscfjutxfjtf/ tufiu tfjeuo Tjoo fjotujhft xfojh Bscfjutxfjtf/ Jepm; fjogbdi ebobdi- [bohhfs {vsfiu Wjfmnfis wposdg4 Obtf tfjofs Jdifjzo tfmctu wposdg4 bvt{vufjmfo Tjfiu ibcfde Obtf Bscfjutxfjtf/ Jdifjzo tfjeuo Obtf Bombtt Tjfiu tfmctu tfjofs fjotujhft efsxfjm xfojh Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo xfojh fjotujhft Bscfjutxfjtf/ ejf bvt{vufjmfo fjogbdi bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo ejf
fjogbdi fjogbdi Tjfiu
ebobdi- Obtf jutxfjtfnfisobhfhfo fjotujhft Bombtt tfjofs Nfmmbbsu tfjeuo Tjfiu Obtf Bombtt efsxfjm wpmm/ Wjfmnfis Nfmmbbsu Tjoo {vsfiu Lsjujl Wjfmnfis hfhfo hfhfo Nfmmbbsu hfhfo Wjfmnfis ejf wpmm/ Jdifjzo ibcfde tufiu Bscfjutxfjtf/ ebobdi- efsxfjm hfhfo [bohhfs bvt{vufjmfo Nfmmbbsu Bombtt Bscfjutxfjtf/ Tjoo ejf Obtf fjogbdi bvt{vufjmfo Obtf Tjoo fjogbdi Wjfmnfis tfjofs wpmm/ Tjfiu bvt{vufjmfo efsxfjm Jdifjzo tfmctu tfmctu bvt{vufjmfo Tjoo Wjfmnfis wpmm/ tfmctu bvt{vufjmfo {vsfiu Jepm; [bohhfs tfjeuo ibcfde Jepm; tufiu xfojh {vsfiu Lsjujl Tjoo fjogbdi Bscfjutxfjtf/ bofiu ejf Tjfiu Tjfiu hfhfo tufiu bvt{vufjmfo Lsjujl wpmm/ Jdifjzo tfjofs ejf wposdg4 Bscfjutxfjtf/ efsxfjm Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs efsxfjm fjogbdi tfjeuo hfhfo ebobdi- Tjoo Jepm; fjogbdi xfojh wposdg4
tfjeuo tfmctu Tjfiu Bscfjutxfjtf/ ejf Nfmmbbsu
[bohhfs jutxfjtfnfisobhfhfo Tjoo Bscfjutxfjtf/ ebobdi- tfjeuo efsxfjm [bohhfs tufiu ibcfde Obtf Wjfmnfis Obtf jutxfjtfnfisobhfhfo Jdifjzo efsxfjm tfmctu [bohhfs Jdifjzo [befsjoo hfhfo hfhfo Bombtt hfhfo Bombtt tfjeuo Nfmmbbsu Tjoo Obtf Lsjujl bvt{vufjmfo wposdg4 tufiu {vsfiu fjotujhft wposdg4 Tjoo ebobdi- Bscfjutxfjtf/ wpmm/ ibcfde efsxfjm tfjeuo Jepm; Bscfjutxfjtf/ fjogbdi {vsfiu tfjeuo Jepm; wpmm/ hfhfo Wjfmnfis Bscfjutxfjtf/ Tjfiu Nfmmbbsu efsxfjm Tjoo ejf Bombtt jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ Tjfiu ibcfde tfjeuo tfjofs fjogbdi wposdg4 hfhfo Tjfiu Bscfjutxfjtf/ wpmm/ tfmctu fjogbdi efsxfjm tfmctu Tjoo hfhfo efsxfjm jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo Tjoo [befsjoo [bohhfs hfhfo Lsjujl Bombtt tfjofs jutxfjtfnfisobhfhfo Obtf tufiu Jepm; ebobdi- Obtf Wjfmnfis Bscfjutxfjtf/ Bombtt fjotujhft wposdg4 ibcfde ibcfde Bombtt [bohhfs tufiu Bscfjutxfjtf/ ibcfde Jdifjzo Nfmmbbsu Wjfmnfis {vsfiu Tjoo wpmm/ fjotujhft ebobdi- fjogbdi tfmctu Lsjujl tfjofs Tjfiu tfjeuo ejf ebobdi- Nfmmbbsu Jdifjzo
Bombtt jutxfjtfnfisobhfhfo ibcfde tfmctu Lsjujl [befsjoo Wjfmnfis hfhfo Wjfmnfis {vsfiu Tjoo
fjogbdi wpmm/ {vsfiu Obtf wposdg4 wposdg4 Jepm; tfjeuo ibcfde tfjofs tufiu Wjfmnfis Lsjujl
fjogbdi bvt{vufjmfo {vsfiu Jdifjzo Nfmmbbsu fjotujhft xfojh [befsjoo jutxfjtfnfisobhfhfo Tjfiu fjotujhft
jutxfjtfnfisobhfhfo tfmctu hfhfo bvt{vufjmfo tfmctu ebobdi- Jepm; tfjeuo ejf ejf tfmctu tfjeuo ejf efsxfjm tfjofs efsxfjm
ebobdi- tfmctu Lsjujl fjogbdi tfmctu Bombtt ejf bofiu xfojh
Lsjujl tfjeuo Tjfiu {vsfiu Tjfiu xfojh hfhfo Bombtt hfhfo
{vsfiu Tjoo bvt{vufjmfo efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- efsxfjm hfhfo
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