King & Wood Mallesons have advised BGH Capital (BGH) and the Ontario Teachers’ Pension Plan Board (OTPP) in their agreed scheme of arrangement for New Zealand listed healthcare provider Abano. The scheme remains subject to shareholder and regulatory approval and other conditions. KWM acted alongside New Zealand counsel, Bell Gully, for the consortium in agreeing the scheme arrangements and structuring the equity and debt funding arrangements.
The KWM team comprised Lee Horan, Dave Friedlander and Yuen-Yee Cho.
“KWM is excited to support BGH and OTPP as they work to create value in the trans-Tasman healthcare space,” Mr Horan said.
BGH Co-founder Simon Harle has described Abano as ‘the pre-eminent dental business’ in the region, and said he was confident the investment and support of BGH and OTPP would see the business prosper.
In a statement to the New Zealand stock exchange, Abano Chair Pip Dunphy said the consortium proposal represented “compelling” value.
“The process adopted enables us to proceed by way of a Scheme which has benefits in terms of time to implement, and certainty for all parties and no negative impact to pricing for shareholders.”
Shareholders are expected to vote on the Scheme in the first quarter of 2020.