Buddle Findlay guides ANZ in funding effort for pathology business acquisition

The firm says that the innovative transaction was completed “in challenging conditions”

Buddle Findlay guides ANZ in funding effort for pathology business acquisition

Buddle Findlay has guided ANZ and a banking syndicate in funding the acquisition of Asia Pacific Healthcare Group (APHG), the NZ pathology business of private hospital operator Healthscope.

The business was sold to the New Zealand Superannuation Fund (NZ Super) and the Ontario Teachers' Pension Plan (OTPP) board for $550m. ANZ was the lead arranger in the funding effort.

“We were very pleased to sole underwrite and arrange this transaction, enabling us to strengthen our relationship with such highly regarded sponsors,” ANZ’s James Davies and Claire Fisher said.

Davies is ANZ’s head of corporate finance and institutional banking, while Fisher is ANZ’s loan syndications and agency director. Both praised Buddle Findlay’s “collaborative and commercial approach” on the deal, which “ensured a seamless execution process.”

Banking and finance team head Paul Farrugia led Buddle Findlay’s team in working on the transaction. He was joined by senior associate Daniel Collins and solicitor Lorenzo Culiat.

“We are delighted to have assisted the lending syndicate to complete such an innovative transaction in challenging conditions and which brings part local ownership to a leading healthcare business supporting the health of everyday New Zealanders,” Farrugia said.

As the largest pathology network in the country, APHG has played a role in the collection and lab testing of New Zealanders for COVID-19.

Chapman Tripp advised NZ Super and OTPP on the acquisition, led by finance partner Gerard Souness. MinterEllisonRuddWatts acted for Healthscope.

Buddle Findlay has advised on a variety of acquisition transactions recently, including the sale of CNZ Group to global insurance service provider McLarens and Contact Energy’s acquisition of Simply Energy.

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