Buddle Findlay partner Grant Dunn and a multi-expertise team have advised Thailand's PTT Global Chemical Company (PTTGC) on New Zealand aspects of its acquisition of Allnex Holding GmbH, for the value of US$4.75b from private equity buyout group Advent International. In 2016, Allnex acquired NZX-listed Nuplex Industries in a NZ$1b takeover, the largest in New Zealand in a decade. Allnex is a European specialty chemicals maker of key industrial coating segments, including industrial metal, automotive, and packaging.
The cross border deal is subject to regulatory approvals in ten jurisdictions around the world and is expected to complete in the last quarter of the year.
Grant Dunn led the Buddle Findlay team advising PTTGC which involved Tom Bennett, Vanessa Evitt, Hamish Selby, Mere King, Susie Kilty, Amy Goatley, Ed McGimpsey, Jessica Seo, Joseph Bergin and Tasha Ioelu. The New Zealand elements of the acquisition required legal expertise on mergers and acquisitions, real estate, environment/resource management, and overseas investment rules.
PTT Global Chemical Company is a Bangkok headquartered global chemical company with diversified and comprehensive petrochemical businesses, including manufacturing and distribution of upstream, intermediate and downstream petrochemical products. PTTGC is listed on The Stock Exchange of Thailand and has revenues exceeding US$10b. PTT Public Company, the Thai state integrated energy and petrochemical enterprise, and a Fortune Global 500 company, is the major shareholder and will provide debt financing.