Posted on 21 Dec 2020
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Michelmores advises Swedish investment JV on sale of cancer care centre in Ghana

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Michelmores' impact investing team has advised Global Medical Investments GMI AB (GMI) on the sale of Sweden Ghana Medical Centre (SGMC), a provider of premium private cancer care treatment in Ghana.

GMI, which was founded in 2009 with the purpose of establishing and operating cancer care centres in developing counties, is an investment and project development company set up by Elekta and Swedfund. Elekta is a leading innovator of equipment and software used to improve, prolong and save the lives of people with cancer and brain disorders, and Swedfund is the Swedish Government's development finance institution for sustainable investments in developing countries.

The acquirer was Ghana National Association of Teachers (GNAT), the largest teaching union in Ghana. The Michelmores team consisted of Joe Whitfield (Partner), Harry Trick (Senior Associate) and James Whistler (Associate).

Håkan Bergstrom, Director of GMI commented:

"Having invested more than US$20 million in setting up SGMC as the foremost radiotherapy treatment facility in West Africa, GMI is pleased to leave the Centre in GNAT's safe hands. The Centre will continue to provide a vital service to thousands of patients for the years ahead. Many thanks to the team at Michelmores who expertly guided us throughout, helping to project manage a complex cross-border transaction whilst ensuring the day-to-day running of the Centre was unaffected."

Commenting on the transaction, Harry Trick said:

"We are delighted to have supported GMI on this important transaction. GMI has done an amazing job in establishing and supporting this flagship centre and we look forward to seeing how GNAT can now build on this success."

Axcero Advisors provided corporate finance advice to GMI. GNAT was advised by Reindorf Chambers (part of the DLA Piper Africa Group) and KPMG International.

Michelmores' impact investing team has a long track record of advising clients who are investing and operating in the impact space, with particular experience of working on complex cross-border transactions in the emerging and frontier markets. For more information please contact Joe Whitfield or Harry Trick.