Buddle Findlay is delighted to have advised Infratil, New Zealand's leading infrastructure investor, on its conditional transaction to acquire up to 60% of Pacific Radiology Group Limited (PRG), as announced by Infratil on 29 April 2021.
PRG is New Zealand's largest private provider of diagnostic imaging and one of the country's largest healthcare organisations.
The strategic and significant acquisition, which values the PRG business at $867m, marks Infratil's entry into the New Zealand healthcare sector. Infratil is investing in PRG alongside existing doctor shareholders who will continue to indirectly own the balance of the business.
The Buddle Findlay team advised on all legal aspects of the transaction and was led by partners Nick Bragg and Sarah McEwan and senior consultant Simon Vodanovich, with significant contributions from Tom Montgomerie, Amy Kristensen, and Harriett Scott from their corporate team, and extensive involvement from specialists across the firm, including, on finance, Miriam Andrews and Paul Appleyard and, on tax, Tony Wilkinson and Maria Clezy.
The Buddle Findlay team worked closely and collaboratively with the deal team from Infratil and its manager, Morrison & Co and their other external advisers to deliver this complex, milestone transaction swiftly and smoothly.
The transaction remains subject to certain limited conditions and approvals with completion expected to occur before the end of Q2 2021.
Infratil's announcement is available here: Agreement to acquire stake in Pacific Radiology