The deal reflects Bettcher's belief that New Zealand "stands at the forefront of food technology"
Buddle Findlay has advised MHM Automation Limited (MHM) on its acquisition by Bettcher Industries, Inc. (Bettcher) through scheme of arrangement.
MHM released an NZX announcement on 3 November confirming that it had entered into a scheme implementation agreement with Bettcher where the latter will acquire all of MHM’s shares at $1.70 per share in cash. The acquisition is contingent upon approvals and conditions laid out in the agreement, including approval from MHM shareholders, the High Court, and the Overseas Investment Office (OIO).
The deal is expected to be completed in the first quarter of 2024.
"As we continue to expand and diversify our food processing platform through M&A, we plan to build off the new sector and geography exposures that MHM provides. New Zealand stands at the forefront of food technology and we look forward to supporting MHM’s continued growth from its Christchurch base,” said Massimo Bizzi, CEO of Bettcher, in the NZX announcement.
Buddle Findlay’s team, led by partners Mark Odlin and Sarah McEwan, is helping to negotiate key documentation as well as advising on regulatory and governance matters.
Bettcher is headquartered in the US and specialises in the development and manufacture of equipment for the food processing industry.
