China Resources Group is leading a consortium poised to acquire a stake in Australian cancer therapy provider Genesis Care, the first big health-care deal following last year’s free-trade agreement between the two countries, The Wall Street Journal reports. China Resources, one of the country’s biggest conglomerates, has teamed up with Australian investment bank Macquarie Group to buy the 45% stake from U.S. private-equity firm KKR & Cos., according to a note sent by Genesis Care Managing Director Dan Collins to staff on Tuesday. The sale price equates to an enterprise value of 1.7 billion Australian dollars (US$1.3 billion), according to a person familiar with the situation. The consortium was named preferred bidder on Sunday, with a deal expected to be signed later this week, the person said.
You must log in to post a comment.