Bell Gully Advises Stonepeak On Scheme Of Arrangement To Acquire Arvida

Bell Gully is advising Stonepeak on its agreement to buy retirement village operator Arvida Group Limited (Arvida) by way of court-approved scheme of arrangement. Stonepeak has entered into a definitive agreement to acquire all outstanding Arvida shares at NZ$1.70 a share in a transaction which implies market capitalisation of NZ$1.243 billion, and an overall transaction value of approximately NZ$2 billion when including the refinancing of Arvida’s debt.

The Bell Gully team supporting Stonepeak was led by corporate partner Toby Sharpe, together with partner Gabrielle Menzies and banking and finance partner, Sam Dykes. It included members from across Bell Gully’s various practice areas.

“We are delighted to be involved in supporting Stonepeak’s team on this significant investment,” said Toby Sharpe. “Our role to date has called on a wide range of expertise from across Bell Gully, and it is great to be able to work together collaboratively to help Stonepeak and Arvida reach this significant milestone.”

The Arvida board has unanimously recommended shareholders vote in favour of the scheme, which is still subject to a number of conditions including New Zealand High Court approval, approval by Arvida shareholders and consent under the Overseas Investment Act 2005.

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $71.2 billion of assets under management. Arvida is one of New Zealand’s largest aged care providers, owning and operating 35 retirement villages nationwide.

Chapman Tripp are advising Arvida. Goldman Sachs is Stonepeak’s financial adviser. Cameron Partners Limited and Forsyth Barr Limited are Arvida’s financial advisers.

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