Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Simpson Grierson Acts for ACC on Kiwibank Acquision

Press Release

31 October 2016

SIMPSON GRIERSON ACTS FOR ACC ON KIWIBANK ACQUISION

Simpson Grierson has advised Accident Compensation Corporation (ACC) on its acquisition of a 22% stake in the Kiwibank group of companies.

ACC acquired its interest alongside the acquisition of a 25% interest by the New Zealand Superannuation Fund (NZ Super). The combined purchase price was NZ$494m.

Both ACC and NZ Super are Government-owned as is the remaining majority shareholder, New Zealand Post (NZ Post), meaning that New Zealanders will retain 100% ownership of the bank.

This deal has been over six months in the making, with NZ Post announcing in April that it was seeking to divest 45% of its shares in Kiwi Group Holdings.

Partner James Hawes says it was great to work with the team at ACC.

"We look forward to seeing the results of the ACC/NZ Super/NZ Post partnership."

James Hawes worked together with Partner Andrew Harkness and solicitor Toby Holborow.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Up 0.5%: GDP Growth Eases Slightly

Gross domestic product (GDP) rose 0.5 percent in the March 2018 quarter, Stats NZ said today. This followed a 0.6 percent increase in the December 2017 quarter. Growth in service industries more than offset a fall in construction activity. More>>

ALSO:

Baby Formula: Fonterra Satisfied With Beingmate's Response To Error

Fonterra Cooperative Group is satisfied Beingmate Baby & Child Food is taking the right steps to deal with a labelling issue after getting caught out in a widespread audit by Chinese regulatory authorities. More>>

ALSO:

Adjusted, A Deficit: Current Account Turns To Surplus

New Zealand's current-account turned to a surplus in the first quarter, bolstered by the services balance as tourism remained strong. More>>

ALSO:

Housing: Foreign Buyer Ban Gets Smoother Edges

Amendments to the government’s foreign buyer ban, if introduced, would give overseas investors more leeway to put money into New Zealand housing developments. More>>

ALSO:

Te Kuha: Govt Declines Application To Mine Conservation Land

An application to mine coal on public conservation land near Te Kuha in the Buller District has been declined, Minister of Conservation Eugenie Sage and Minister of Energy Resources Megan Woods announced today. More>>

ALSO: