King & Wood Mallesons (KWM) is pleased to have advised Asaleo Care Ltd (Asaleo) on the acquisition of Asaleo via scheme of arrangement by its existing major shareholder EssityGroup.
The offer by the Swedish global healthcare and hygiene company Essity, values Asaleo at AUD 788 million.
The KWM team was led by Partners Diana Nicholson and Joe Muraca, supported by Senior Associate Cammie Teo and Solicitor Jordan Osrin.
KWM Partner Diana Nicholson said the firm’s relationship with Asaleo and understanding of its business proved invaluable in structuring and negotiating the deal.
“KWM acted for Asaleo on its recent acquisition of the Tom Organic business as well on the sale of its consumer tissue business in 2018. This deal was another example of our core strength in working closely with clients on deals that matter. It’s really rewarding to help Asaleo prosecute a deal that represents great value for its shareholders.”
“After 12 months of operating under COVID-restrictions, particularly in Victoria, we’ve shown time and time again that deals like this can be done in a virtual world when you have invested properly in tech and people.” said Joe Muraca, Partner, KWM.
Essity approached Asaleo with an initial proposal late last year. Subsequent discussions and negotiations supervised by Asaleo’s independent board committee resulted in an unanimously recommended deal being put to shareholders for a vote later this year.
Subject to typical conditions for a scheme of this nature, the deal is expected to be implemented in June 2021.