Icon Infrastructure is nearing a deal to acquire some UK assets being sold by South African hospital operator Life Healthcare Group Holdings Ltd., people with knowledge of the matter said.

The investment firm is in advanced talks about the terms of a potential deal for its UK diagnostics business known as Alliance Medical Group Ltd., and an announcement could be made in the coming days, according to the people. Alliance could be valued at about $1 billion in a deal, they said.

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Icon Said Near Deal for Life Healthcare’s $1 Billion UK Assets