find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Property lawyer - Melbourne
Category: Property Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Impressive client list, national firm · Well-led and high-performing team
View details
Senior family lawyer - Melbourne
Category: Family Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Outstanding national firm · High-calibre family law team
View details
GenesisCare sold to consortium

GenesisCare sold to consortium

Stephen Dobbs

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.

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.”

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

GenesisCare sold to consortium
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Aug 23 2017
NT Law Society sounds alarm on mandatory sentencing
The Law Society Northern Territory has issued a warning over mandatory sentencing, saying it hasn’...
Aug 22 2017
Professionals unite in support of marriage equality
The presidents of representative bodies for solicitors, barristers and doctors in NSW have come toge...
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...