King & Wood Mallesons (KWM) has advised the shareholders of Icon Group on the sale of Australia’s largest integrated cancer care provider, Icon Group, to global investment firm EQT Infrastructure, for a value of $2.45 billion.
Founded in 2015, the deal is reflective of the exceptional value created by Icon Group’s founders, management and medical specialists over time and their commitment to innovation and delivery of world class cancer care across Australia and South East Asia, including in areas of unmet patient treatment needs.
The KWM team was led by Partner Alex Elser, with support from Special Counsel Megan Coall and Solicitors Tom Kingston and Deen Khan. Additional support was provided by Tax Partner Tim Sherman.
A separate KWM team led by Partner Yuen-Yee Cho, with support from Senior Associate Stephen Sharpe and solicitors, James King and Sachin Kinger, assisted EQT Infrastructure in raising its TermLoan B financing to support its acquisition of the Icon Group. The financing was the largest $A covenant-lite TLB ever raised in Australia and the first to break the A$1 billion barrier.
Commenting on the transaction, Alex Elser said: "KWM has been privileged to work closely with Icon since 2014 as it has developed into Australia’s leading dedicated cancer care provider and expanded globally into Singapore, Mainland China, Hong Kong and New Zealand. We look forward to continuing to work with the Icon team to deliver on their mission to provide the best care possible, to as many people as possible, as close to home as possible."
