• Home
  • News
  • Analysis
  •  
    Regions
    • Australasia
    • Southeast Asia
    • Greater China
    • North Asia
    • South Asia
    • North America
    • Europe
    • Central Asia
    • MENA
  •  
    Funds
    • LPs
    • Buyout
    • Growth
    • Venture
    • Renminbi
    • Secondary
    • Credit/Special Situations
    • Infrastructure
    • Real Estate
  •  
    Investments
    • Buyout
    • Growth
    • Early stage
    • PIPE
    • Credit
  •  
    Exits
    • IPO
    • Open market
    • Trade sale
    • Buyback
  •  
    Sectors
    • Consumer
    • Financials
    • Healthcare
    • Industrials
    • Infrastructure
    • Media
    • Technology
    • Real Estate
  • Events
  • Chinese edition
  • Data & Research
  • Weekly Digest
  • Newsletters
  • Sign in
  • Events
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)870 240 8859

      Email: customerservices@incisivemedia.com

      • Sign in
     
      • Saved articles
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • RSS
    • Twitter
    • LinkedIn
    • Newsletters
  • Free Trial
  • Subscribe
  • Weekly Digest
  • Chinese edition
  • Data & Research
    • Latest Data & Research
      2023-china-216x305
      Regional Reports

      The reports review the year's local private equity and venture capital activity and are filled with up-to-date data and intelligence on fundraising, investments, exits and M&A. The regional reports also feature information on key companies.

      Read more
      2016-pevc-cover
      Industry Review

      Asian Private Equity and Venture Capital Review provides an independent overview of the private equity, venture capital and M&A activities in the Asia region. It delivers insights on investments made, capital raised, sector specific figures and more.

      Read more
      AVCJ Database

      AVCJ Database is the ultimate link between Asian dealmakers and those who provide advisory, financial, legal and technological services to the private equity, venture capital and M&A industries. It is packed with facts and figures on more than 153,000 companies and almost 117,000 transactions.

      Read more
AVCJ
AVCJ
  • Home
  • News
  • Analysis
  • Regions
  • Funds
  • Investments
  • Exits
  • Sectors
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)870 240 8859

    Email: customerservices@incisivemedia.com

    • Sign in
 
    • Saved articles
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
AVCJ
  • Australasia

EQT buys Australia cancer care business from PE consortium

icon-cancer
  • Tim Burroughs
  • 22 November 2021
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Save this article  
  • Send to  

Goldman Sachs Asset Management, QIC, and Pagoda Investment – a China-focused GP set up by a former QIC executive – have agreed to sell Australia cancer care provider Icon Group to EQT for a reported valuation of A$2.3 billion ($1.67 billion).

EQT will acquire a 70% interest in the business, while Goldman will retain 17% and company management and doctors will re-invest alongside EQT, taking 13%. The Australian Financial Review added that the transaction, which values Icon at 16.5x earnings for the 12 months ended June, will be supported by about A$1 billion in term loan B financing.

Goldman, QIC, and Pagoda bought Icon in 2017 from Quadrant Private Equity, with a view to furthering an existing regional expansion drive. Quadrant grew the business from four cancer day centers in Queensland and one in Adelaide into a multinational with 36 sites across Singapore, China, and New Zealand, as well as Australia.

It remains Australia’s largest vertically integrated cancer care operator, offering radiation oncology, medical oncology, compounding, and pharmacy services. There are 31 clinics in Australia and New Zealand that deliver more than 260,000 treatments per year, plus 14 facilities in Singapore and Greater China, including a presence in Hong Kong, according to a statement.

In addition, Icon operates Australia’s largest private cancer clinical trials program, produces more than one million cancer drug infusions per year through its compounding business, and runs a network of 51 hospital pharmacies.

“In our four years as majority investor, the strength of the Icon Group model has been proven and there is potential for further growth in the years to come. Remaining as a shareholder, we will leverage our global network, capital, and industry expertise to continue to support Icon’s management and doctors,” said Stephanie Hui, co-head of Asia alternatives investing at Goldman.

EQT is investing through its fifth global infrastructure fund, which closed earlier this month with EUR15.7 billion ($17.7 billion) in commitments. Icon represents the firm’s fourth deal in the radiology and radiotherapy space, after Australia’s I-Med and Germany’s Blikk and Meine Radiologie Holding.

“Icon Group is revolutionizing the way cancer care is delivered through an integrated model that enables access for all patients through the decentralization of care in major cities and bringing cancer care services to the patient in one location,” said Ken Wong, a partner and head of EQT’s Asia Pacific infrastructure advisory team.

“This best practice cancer care model is well validated in Australia and Southeast Asia, and EQT’s investment will enable this next phase of growth around the world.”

EQT was advised by Morgan Stanley, Herbert Smith Freehills, Deloitte, and PwC.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Save this article  
  • Send to  
  • Topics
  • Australasia
  • Buyouts
  • Infrastructure
  • Infrastructure
  • Healthcare
  • Trade sale
  • Australia
  • EQT Partners
  • Goldman Sachs
  • Pagoda Investment
  • QIC

More on Australasia

roller-mark-luke-finn
Insight leads $50m round for Australia's Roller
  • Australasia
  • 10 Nov 2023
simon-feiglin-riverside
Deal focus: Riverside flourishes in Australia
  • Australasia
  • 08 Nov 2023
power-grid-electricity-energy
Energy transition: Getting comfortable
  • Australasia
  • 08 Nov 2023
jean-eric-salata-baring-2019
Q&A: BPEA EQT’s Jean Eric Salata
  • GPs
  • 08 Nov 2023

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs
  • 10 November 2023
housing-house-home-mortgage
Singapore fintech start-up LXA gets $10m seed round

New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.

  • Southeast Asia
  • 10 November 2023
india-rupee-money-nbfc
India's InCred announces $60m round, claims unicorn status

Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”

  • South Asia
  • 10 November 2023
roller-mark-luke-finn
Insight leads $50m round for Australia's Roller

Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.

  • Australasia
  • 10 November 2023
Back to Top
  • About AVCJ
  • Advertise
  • Contacts
  • About ION Analytics
  • Terms of use
  • Privacy policy
  • Group disclaimer
  • RSS
  • Twitter
  • LinkedIn
  • Newsletters

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013