Swedish private equity firm EQT is reportedly preparing to bring its cancer care business, Icon Group, back to the market within the next six to eight months, according to multiple industry sources. This potential sale could become one of the most significant transactions in the healthcare private equity sector early next year.
Icon Group, which operates over 60 cancer centres across Australia, New Zealand, Asia, the United Kingdom, and Europe, provides a range of treatments including radiation therapy, chemotherapy, and blood disorder care. The company is currently led by CEO Mark Middleton and chaired by Paul McClintock. EQT acquired Icon in 2021 for an estimated $2.4 to $2.5 billion and has since overseen earnings growth of roughly 25%, while also pursuing expansion opportunities, particularly in Europe.
While details remain tentative, industry insiders indicate that EQT is considering several exit strategies, including a full sale, partial stake sale, or potentially a public offering. An EQT spokesperson confirmed that all options remain on the table amid ongoing market speculation.
The timing of Icon’s possible sale coincides with the ongoing divestment of another major cancer care provider, GenesisCare. GenesisCare, which also operates extensively in Australia and the UK, has enlisted Jefferies as its financial adviser for a sale process expected soon. Some market participants believe EQT may time Icon’s sale to follow the GenesisCare transaction to avoid direct competition, given both businesses serve similar sectors.
GenesisCare’s ownership includes Calibreann from Oaktree Capital Management alongside other lenders and investors such as Bain Capital, Avenue Capital Group, and Canyon Partners. The company filed for Chapter 11 bankruptcy protection in 2023 under the weight of over $2.6 billion in debt, largely accumulated from a US expansion marked by its $1.5 billion acquisition of 21st Century Oncology. Prior to its restructuring, GenesisCare was controlled by Kohlberg Kravis Roberts and China Resources. The business now operates 50 oncology centres in Australia and 17 cancer treatment centres in the UK, although the UK arm functions within a separate organizational structure.
EQT’s interest in a sale comes after several years of ownership, during which it has overseen steady financial performance and strategic growth. The initial acquisition advisor was Morgan Stanley, while the previous owners—including Pagoda Investments, QIC, and Goldman Sachs—were represented by Jefferies and Goldman Sachs at that time. Icon had previously been sold in 2017 by Quadrant Private Equity to a QIC-led consortium for $1.2 billion.
The evolving landscape of oncology services in the private equity space is also influenced by other industry players. Morrison & Co, who was shortlisted during Icon’s 2021 sale process, is now reportedly in the process of selling its radiology business to Pacific Equity Partners for approximately $900 million.
As the market awaits confirmation of these transactions, both Icon Group and GenesisCare stand as prominent players in the global cancer care sector, attracting significant interest from investors amid a climate of consolidation and expansion.