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Icon Group sold for $2.45bn
Australian cancer-care provider Icon Group has been sold to a global investment firm, in a deal worth $2.45 billion.
Lauren Croft
Firm: King & Wood Mallesons (Icon Group)
Value: $2.45 billion
Area: M&A
Key players: 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 Term Loan B financing to support its acquisition of the Icon Group.
Deal significance: The Icon Group was founded in 2015. And 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.
In addition, the EQT Infrastructure financing was the largest $A covenant-lite TLB ever raised in Australia and the first to break the $1 billion barrier.
Commenting on the transaction, KWM said they “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”.
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
