King & Wood Mallesons (KWM) has advised Icon Group on the strategic divestment of its Hong Kong business to investment firm Templewater.
Icon is Australia’s largest integrated provider of cancer care with a growing reach in New Zealand, Asia and the United Kingdom. The sale is consistent with Icon’s renewed focus on strategically growing its Australia, New Zealand and Southeast Asia businesses, while pursuing sustainable expansion in the United Kingdom.
The KWM team was led by Partners Jonathan Grant and Alex Elser and Special Counsel Karim Issa, with support from Senior Associate Hussien Kassouh and Solicitors Piero Craney and Mikail Mermi. Additional support was provided by insurance Partner Mandy Tsang and Solicitor Rouzbeh Ansari. A separate KWM team led by finance Partner Yuen-Yee Cho, with support from Senior Associate Stephen Sharpe and Solicitors Anagha Bidkar and Dylan Gardiner, assisted Icon in respect of the debt financing components of the transaction. The KWM Hong Kong team led by Partner Ricky Lioe and Counsel Connie Wong provided local law support.
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, including on the sale of Icon Group to EQT in 2022. This transaction has allowed Icon to realise the strong growth the Hong Kong business has enjoyed over the last five years while enabling Icon to direct its focus to other markets where they will continue to drive sustained growth, innovation and the highest standard of cancer care.”
Karim Issa added: “It has been a pleasure working with the EQT and Icon teams and their other advisers on this strategic cross-border transaction. The sale is testament to the world-class cancer services platform that Icon developed in Hong Kong.”
