The private equity owners of the country’s largest cancer care provider, GenesisCare, are believed to be preparing a sale process for the business in the second half of next year in a deal worth up to $3bn.
The understanding is the owners have been in talks with investment banks hoping to land a role on the sale, with UBS said to be among the contenders.
On offer would be the Australian operations of the healthcare provider.
GenesisCare entered Chapter 11 bankruptcy last year with over $US1.8bn of debt after it borrowed for its expansion into the US with the purchase of 21st Century Oncology for $US1.5bn.
The business was previously owned by Kohlberg Kravis Roberts and China Resources, but was recapitalised by a lender group headed by Oaktree Capital Management.
Other owners of the debt who now collectively have more than 50 per cent of the equity in the business are Bain Capital, Avenue Capital Group and Canyon Partners.
The Australian operations of GenesisCare have always been considered a strong performer.
Founded by Dan Collins in 2005, GenesisCare is the largest provider of cancer care services in Australia, with 40 oncology centres.
It has cancer treatment centres in the US, Britain and Spain, but they sit in a different structure to the local business.
Add your comment to this story
Brookfield sells Aveo for $3.85bn to Scape and its Korean backers
The private equity firm has completed the sale of its Australian retirement living business following a competitive auction that attracted multiple bidders.
A sale of Rex to private equity ‘isn’t preferred’ by government
Administrators want their role with the regional airline extended to December, raising doubts about the level of buyer interest.
To join the conversation, please log in. Don't have an account? Register
Join the conversation, you are commenting as Logout