 "China Resources, Macquarie Capital, KKR & Co and GenesisCare officials signing the deal")
A consortium of Hong Kong-based China Resources Group and Macquarie Capital has entered into agreement to acquire KKR & Co’s 45 stake in GenesisCare Limited, a leading healthcare provider in Australia. While the transaction value was not disclosed, experts estimate the enterprise value of GenesisCare at Aus$ 1.7 billion ($1.3 billion).
“This is a strategic partnership designed to use Australian expertise and technology to improve healthcare in new markets, including China, and to do so from an Australian base. A majority of the board and the management team will remain in place with company headquarters in Sydney,” said David Vaux, chairman, GenesisCare.
Dan Collins, managing director, GenesisCare, added, “The company was continuing expansion plans for Western Europe following its recent entry into the UK and Spain. With the strategic capability and positioning of China Resources Group, GenesisCare will accelerate plans for Asia and in particular China. There is a significant appetite for our world class capabilities in cancer and cardiac care. GenesisCare will become part of the solution in how China and developing Asia solves quality and access challenges around essential patient care.”
GenesisCare is Australia’s largest provider of cancer and cardiac services and also the largest provider of private cancer services in Spain and the UK. The organisation treats more than 2,500 patients every day in more than 150 locations across three countries and employs more than 2,000 committed medical professionals and management staff.
Kerry Zhang, deputy general manager, strategy management at China Resources, stated, “GenesisCare is an Australian success story. It has developed a world class model for cancer and cardiac care that we will help introduce to China and take around the world. We look forward to backing the GenesisCare leadership team, and supporting its international expansion.”
