EQT AB (publ) (OM:EQT) is believed to be in talks with a healthcare provider in the UK for a significant bolt-on acquisition to bolster the strength of its Australian-based cancer care business Icon Group. EQT purchased between 75% and 80% of Icon Group, the nation's largest cancer care provider, in 2021 for a price that valued the business at about $2.4 billion. It beat rival Morrison & Co to gain control of the company from Queensland Investment Corporation and Pagoda Investments.

DataRoom understands that as part of its strategy to grow the business, it is in bilateral talks to buy a UK industry player in what would be a significant deal for the company. However, should the transaction proceed, Australia would remain its largest market, sources say.