News

06/02/18

G+T advises LifeHealthcare on $211 million scheme of arrangement with Pacific Equity Partners

Gilbert + Tobin is pleased to announce that it is advising LifeHealthcare Group Limited (LifeHealthcare) on its scheme of arrangement with Pacific Equity Partners (PEP).

LifeHealthcare and Pacific Health Supplies BidCo Pty Limited, an entity wholly-owned by funds advised by PEP, today announced that they have entered into a binding scheme implementation deed. If implemented, the transaction will result in PEP acquiring all of the shares in LifeHealthcare for $3.75 per share, a 46 % premium to the last closing price of LifeHealthcare shares on 2 February 2018.

The offer price represents an implied enterprise value for LifeHealthcare of approximately A$211 million.

LifeHealthcare is an Australian leading independent medical device distributor over a wide range of high-end products across clinically specialised divisions.  PEP is an Australian-based private equity firm, with approximately A$2.5 billion of funds under advisement.

LifeHealthcare’s directors have unanimously recommended that LifeHealthcare shareholders vote in favour of the scheme in the absence of a superior proposal and subject to the independent expert concluding that the scheme is in the best interests of LifeHealthcare shareholders. The deal is subject to customary conditions, including approvals by LifeHealthcare shareholders and the Court, as well as FIRB approval.

The Gilbert + Tobin team was led by Corporate Advisory partners John Williamson-Noble and Tim Gordon and lawyers Chris Morse and Jenny Leung.

Commenting on the deal, Tim Gordon said:

“We’ve always been delighted to support LifeHealthcare throughout the different stages of its development and we’re thrilled to now advise on this milestone transaction.  The proposed acquisition by a leading Australian private equity fund is a credit to LifeHealthcare’s strong performance and excellent reputation in the medical devices space.”

Gilbert + Tobin also advised LifeHealthcare on its IPO in December 2013.

Gilbert + Tobin’s market-leading M&A team has advised on many of Australia’s largest and most innovative M&A transactions, including Beach Energy’s acquisition of Lattice Energy, IOOF’s acquisition of ANZ’s One Path and Wealth Management Division, Quadrant Private Equity’s on its strategic investment in Timezone Family Entertainment Centres and its sale of The Real Pet Food Company, SAI Global on its acquisition by Barings and Cover-More on its acquisition by Zurich.

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