The transaction has an implied market capitalisation of $1.243bn
Bell Gully and Chapman Tripp have confirmed their roles in the proposed acquisition of retirement village operator Arvida Group Limited (Arvida) by Stonepeak Alps BidCo Limited.
Stonepeak Alps BidCo Limited is an affiliate of US alternative investment firm Stonepeak, which concentrates on infrastructure and real estate assets. According to Chapman Tripp, the implied market capitalisation of the deal comes to $1.243bn; with debt assumed and core debt for refinancing, the deal enterprise value is around $2bn.
The acquisition is set to take place via court-approved scheme of arrangement, Bell Gully said. Bell Gully advised Stonepeak, while Chapman Tripp assisted Arvida.
“This is an exciting milestone in Arvida’s growth strategy. Stonepeak’s ownership (if approved by shareholders at an upcoming meeting of shareholders) enhances Arvida’s ability to develop quality communities and to continue delivering quality services to aging communities”, Arvida CEO Jeremy Nicoll said.
As per the definitive agreement signed by Stonepeak, it will pick up all outstanding Arvida shares at $1.70 each. Arvida’s board made a unanimous recommendation for shareholders to approve the scheme.
In addition to shareholder approval, the acquisition requires approval from the High Court and Overseas Investment Act 2005 consent.
Corporate partner Toby Sharpe headed up the Bell Gully team alongside partner Gabrielle Menzies and banking and finance partner Sam Dykes.
Meanwhile, Chapman Tripp’s team, which guided all aspects of the deal for Arvida, was spearheaded by partner Roger Wallis who worked with partner Nick Letham, senior solicitor Steph Knowler, solicitor Matt Lake, and law clerk Elin Harris.
Goldman Sachs is the financial adviser for Stonepeak while Cameron Partners Limited and Forsyth Barr Limited are Arvida’s joint financial advisers for Arvida.
