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

 

Chapman Tripp Acts for HgCapital in Orion Deal

11 July 2018

Chapman Tripp is advising HgCapital on its acquisition in a majority stake of Orion Healthcare’s core business Rhapsody for $205 million.

Partners John Strowger and Tim Sherman, and solicitor Kit Adamson, are advising the UK private equity firm HgCapital, which has funds of £10 billion under management and an investment focus in technology, in the transaction that will see Hg acquire majority ownership of Rhapsody and also invest in Orion Health's Population Health business.

The transaction is still subject to conditions including Overseas Investment Office approval. Once complete, Orion will use approximately $28 million of the transaction funds to undertake a share buyback offer to retain an ongoing 24.9% shareholding in the Rhapsody business.

The deal marks the middle of a big year for mergers and acquisitions (M&A) for Chapman Tripp. The firm is the leading New Zealand firm by deal count and deal value in “Mergermarket’s H1 2018 M&A league tables” in Australasia. No other law firm in New Zealand has made these tables.

Chapman Tripp is also the leading New Zealand firm by deal involvement announced and completed, according to “Thomson & Reuters First Half 2018 M&A Review” in Australasia (again, no other New Zealand firm has made the tables, and Chapman Tripp is fourth in Australasia for announced deals) as well as the leading New Zealand firm by deal count and deal volume in “Bloomberg’s 1H 2018 M&A Legal Rankings” in Australasia.

Partner Tim Tubman, who heads Chapman Tripp’s national corporate group, said predictions of a strong pipeline of M&A activity fuelled by cashed-up strategic investors and private equity buyers were proving correct.

“The solid M&A deal volumes of last year have continued, but unlike last year, we are seeing a resurgence in mega-deals, such as Cigna Corporation’s purchase of ANZ Bank New Zealand’s business OnePath Life NZ for $700m, in which we advised ANZ, and the sale of Shell New Zealand to Vienna-based oil and gas company OMV for $794m.”

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Discussion Paper: Govt To Act On Unfair Commercial Practices

“I’ve heard about traders who have used aggressive tactics to sell products to vulnerable consumers, and businesses that were powerless to stop suppliers varying the terms of their contract, including price.” More>>

ALSO:

'Considering Options' On Tip Top Ownership: Fonterra Drops Forecast Milk Price

Fonterra Co-operative Group Limited today revised its 2018/19 forecast Farmgate Milk Price range from $6.25-$6.50 per kgMS to $6.00-$6.30 per kgMS and shared an update on its first quarter business performance. More>>

ALSO:

Science: Legendary Telescope Being Brought Back To Life

One of the world’s most famous Victorian telescopes will be restored and available for public viewing in Takapō after spending five decades in storage... The Brashear Telescope was used in the late 1800s by Percival Lowell for his studies of Mars. More>>

Employment Amendment Bill Passes: CTU Hails Victory For Working People

"This law allows Kiwis to access their basic rights at work, to make more informed choices about their employment, and help each other get a fairer deal." More>>

ALSO: