Date
26 May 2017
A partnership with China Resources Group will help Australia’s Genesis Care to launch its cancer care therapy services in Chinese hospitals. Credit: Genesis Care
A partnership with China Resources Group will help Australia’s Genesis Care to launch its cancer care therapy services in Chinese hospitals. Credit: Genesis Care

China Resources set to buy stake in Australia’s Genesis Care

China Resources Group is leading a consortium that is set to acquire a significant stake in Australian cancer therapy provider Genesis Care, the Wall Street Journal reported.

The Chinese conglomerate has teamed up with Macquarie Group to buy 45 percent of Genesis Care, which is based in Sydney, according to the report.

The stake is being acquired from US private-equity firm KKR, the paper said, citing a note sent by Genesis Care to the firm’s employees.

The sale price equates to an enterprise value of A$1.7 billion (US$1.3 billion), a source familiar with the deal was quoted as saying.

The China Resources consortium was named preferred bidder on Sunday, and a deal is expected to be signed later this week, the source said.

Genesis Care is Australia’s biggest provider of radiation oncology treatment and cardiovascular care and the biggest provider of cancer care in the UK and Spain. 

The Australian firm hopes to provide cancer-care therapy in Chinese hospitals, similar to deals it has struck with several hospitals in Australia, according to the report.

China Resources’ health-care subsidiary owns and operates hospitals across China.

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