KWM advises on Icon sale

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King & Wood Mallesons (KWM) has advised the shareholders of Icon on its sale to a consortium comprised of QIC Ltd, Goldman Sachs Private Equity and Pagoda Investment - in a transaction valued over A$1 billion.

Icon is Australia's largest provider of private cancer care services, with an integrated business model offering cancer patients three services under one roof - medical oncology, radiation oncology and oncology compounding.

KWM's team acted on behalf of Quadrant Private Equity and the other shareholders of Icon. The team was led by Partner Mark McNamara with support from Partners Elizabeth Hundt Russell and Tim Sherman, Special Counsel Alex Elser, Senior Associate Joseph Power and Solicitors Dan Flanagan, Karen Chen and Anthoney Duong.

Commenting on the deal, Mark McNamara said, "We have supported Icon since its foundation investment in 2014, having advised on numerous subsequent bolt on acquisitions leading up to this sale.  The doctor and management group have done a remarkable job over this period delivering first class cancer care to patients while also laying a very strong platform for the business's next period of growth in Asia."

The sale received strong interest from both local and Chinese groups, with KWM able to draw on its unrivaled capacity in Australia and China to manage the whole legal process for Icon and its shareholders.