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GenesisCare sold to consortium
Several firms have advised on the sale of a significant equity stake in Australia’s largest provider of radiation oncology, cardiology and sleep treatments, GenesisCare.
Emma Musgrave
Firms: Herbert Smith Freehills (GenesisCare Limited); King & Wood Mallesons (GenesisCare Limited); DLA Piper (KKR); Allen & Overy (China Resources); Corrs Chambers Westgarth (Macquarie Group consortium)
Deal: GenesisCare has been advised on the sale of a significant equity stake in the company to a consortium comprising China Resources and Macquarie Group.
The transaction involved the exit of private equity firm KKR from its 45 per cent equity stake in Genesis Care – held since 2012.
Value: Approximately $1.7 billion
Area: Finance, M&A
Key players: The Herbert Smith Freehills team advising Genesis Care was led by partner Stephen Dobbs and senior associate Alexandra Sweeney, with assistance from partner Peter Dunne and senior associates Sami Wilson and Jonathan Wood.
Assistance in respect of GenesisCare’s UK operations was provided by Chris Gill from Herbert Smith Freehills’ London office.
Deal significance: GenesisCare is Australia's largest provider of radiation oncology, cardiology and sleep treatments.
It has also recently expanded its operations into the UK – where it is the largest private radiotherapy provider – and Spain.
The transaction reinforces healthcare as a sector with significant attraction for investors. It also provides a platform for GenesisCare to export world-leading Australian healthcare expertise into China and other overseas markets.
The structure of this deal was complex as a result of GenesisCare’s unique equity structure, according to HSF partner Stephen Dobbs (pictured).
Mr Dobbs said the broader arrangements involved doctors and management having the opportunity to sell down part of their holdings alongside KKR’s exit, which required formal shareholder consents and approvals to be obtained.
Other key conditions included FIRB approval, which was obtained approximately three months after the transaction was announced.
“It is fantastic to have been on the GenesisCare team once again as the business reaches another major strategic milestone,” said Mr Dobbs.
“We have been involved with GenesisCare since its inception in 2004, and we greatly appreciate the faith that the company has placed in us over that time.
“It is an inspiring business run by inspiring people, and we very much look forward to the next phase.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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