The $307m transaction includes the company's Pōkeno manufacturing facility
Synlait Milk Limited has entered into a conditional agreement to divest its North Island assets with the help of a team from MinterEllisonRuddWatts.
For $307m, global healthcare company Abbott picks up the assets, which include Synlait’s Pōkeno manufacturing facility and Auckland-based blending, canning, and warehousing operations. The deal also covers related inventory and leasehold arrangements.
“The sale to Abbott, a global healthcare leader, reinforces New Zealand’s reputation as a trusted partner in high-value nutrition and innovation. It’s a privilege to help shape a deal that supports local jobs, global growth, and a more resilient future for New Zealand”, MinterEllisonRuddWatts lead partner Mark Forman said. “This transaction is pivotal for Synlait, and we are proud to have supported Synlait in navigating this strategically significant divestment, which strengthens its financial position and unlocks potential for future growth”.
As a result of the sale, Synlait will cut significant debt and reset its future trajectory, according to chair George Adams. The sale is expected to complete on 1 April 2026, per Synlait’s statement.
Completion is pending approval under the Overseas Investment Act 2005 from Abbott’s side and shareholder approval from Synlait’s side, in addition to other regulatory and customary approvals.
Forman worked alongside included Igor Drinkovic, Jessica Bremner, Nick Stewart, Tom Maasland, Abbey James, Amanda Spratt, Alastair Gatt, Bianca Tree, Olivia Pahulu, Andrew Horne, June Hardacre, Isabella Denholm, Andrew Ryan, Christopher Young and Briar Richardson on the deal.
