AsianScientist (Jul. 27, 2016) – A consortium comprising of Hong Kong-based China Resources Group and Macquarie Capital will acquire between 50.01 percent and up to 74 percent of Australian healthcare provider GenesisCare Limited, according to a statement from the company.
Macquarie Capital, the corporate advisory arm of Australian-headquartered financial institution Macquarie Group, is the minority member of the Consortium and China Resources Group’s financial adviser.
The Consortium will invest alongside existing doctor and management shareholders. Global investment firm KKR & Co, which currently holds 45 percent of GenesisCare, will sell its stake in the business to the Consortium.
“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,” said Mr. David Vaux, chairman of GenesisCare.
GenesisCare and the Consortium said that the catalyst for these discussions came from the recently-struck Free Trade Agreement between Australia and China.
———
Source: GenesisCare.
Disclaimer: This article does not necessarily reflect the views of AsianScientist or its staff.