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CVC hires UBS to sell unit of Australia's I-Med

Thu Feb 19, 2009 8:57pm EST

MELBOURNE/HONG KONG, Feb 20 (Reuters) - Private equity firm CVC Capital Partners has hired UBS to sell the specialist care unit of Australian medical imaging company I-Med, banking sources said, in a deal that could fetch around A$200 million.

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CVC is selling the oncology and cardiology diagnostic business within I-Med, which will help the firm pay down debt. I-Med offers medical imaging services including general X-ray, mammography, ultrasound and magnetic resonance imaging (MRI).

The unit for sale is a small part of the overall company and has cash flows of about A$30 million, one source says.

CVC and UBS declined to comment.

(Reporting by Sharon Klyne and Michael Flaherty, Editing by Ken Wills)

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