Stonepeak to acquire Arvida Group for $1.25 billion

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AK&M 19 February 2025 08:40

Stonepeak has entered into a definitive agreement to acquire all outstanding ordinary shares of Arvida Group Limited for $1.03 (NZ$1.70) per share. This is stated in the Stonepeak message.

The purchase price represents a premium of 65% to the price of Arvida shares at the close of trading on the New Zealand main stock Exchange NZX on July 19, 2024, the last trading day before the announcement of the transaction.

The transaction has been recommended by the Arvida Board of Directors and is expected to be completed in the fourth quarter of 2024 or the first quarter of 2025, subject to approval by Arvida shareholders and after meeting the usual precedent conditions and regulatory approval.

Goldman Sachs acts as financial advisor to Stonepeak, and Bell Gully acts as legal counsel to Stonepeak. Forsyth Barr Group Limited and Cameron Partners Limited act as financial advisors to Arvida, and Chapman Tripp acts as legal counsel to Arvida.

Arvida is the leading operator of retirement villages in New Zealand. It is the fourth largest retirement village operator in the country with 35 villages across New Zealand. Arvida has the ability to build more than 2,100 additional residential buildings.

Stonepeak is an American investment firm headquartered in New York City. The firm specializes in investments in infrastructure, and more recently in real estate. The firm has additional offices in Hong Kong, Houston, London, Sydney and Singapore.

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