The acquisition positions the group for growth in Asia, particularly in China
A majority of Australia’s third-largest reproductive services provider is being acquired by a Hong Kong consortium with the help of two top firms.
HWL Ebsworth (HWLE) is advising the consortium, which has agreed to acquire 89.5% of Genea, which is being counseled by King & Wood Mallesons (KWM). The consortium is led by Hong Kong-listed Mason Group and includes strategic investors Aldworth Equity Management and Tencent-backed WeDoctor.
Financial details of the transaction were not disclosed, but the Financial Review said that the majority stake was sold for just above $300m, according to sources.
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Melbourne corporate partner Thomas Kim, and senior associate Marianna Parry are leading the HWLE team.
Partner Lee Horan led the KWM team, with support from senior associate Anthony Boogert.
HWLE said that it will now work on seeking approval from the court for the scheme of arrangement and approval from the Australian Foreign Investment Review Board. The firm had advised the consortium on due diligence, scheme negotiations, and structuring.
Last year, HWLE also advised Mason Group, which, along with Wattle Health Australia, acquired a controlling stake in infant formula and nutritional products manufacturer Blend and Pack. That team was led by partners Jeremy McCarthy and Yan Li Wang, as well as special counsel Paul Lewis.
Joel Chang, Mason Group COO, said that the transaction is another crucial step for the expansion of the company’s footprint as Asia’s leading IVF medical platform.
“Following the successful merger of Reproductive Healthcare Limited and The Women’s Clinic in Hong Kong and the establishment of the Reproductive Healthcare Group, we believe that Genea will be a valuable addition to Mason’s medical service and biotechnology platform in catering for the growing demand for high quality IVF treatment by medical tourists from China. WeDoctor’s strong network and resources in China can help Genea grow and expand its fertility and IVF medical device and consumable businesses across the Asia Pacific, especially in China.”