Simpson Grierson Acts for ACC on Kiwibank Acquision
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.