Gilbert + Tobin is pleased to have advised Cover-More Group Limited (Cover-More) on its $854 million scheme of arrangement with Swiss insurance giant Zurich Insurance Company Ltd (Zurich).
Gilbert + Tobin advised Cover-More on the scheme of arrangement that closed today, under which Zurich, through its wholly owned subsidiary, Zurich Travel Solutions Pty Ltd, acquired 100% of the shares on issue in Cover-More for total cash payments of $741 million, implying an enterprise value for Cover-More of $854 million, on a fully diluted basis.
The scheme of arrangement was overwhelmingly supported with 99.93% of the votes cast by Cover-More shareholders in favour of the transaction.
With a No. 1 market position in Australia and New Zealand and footprints in China, India, Malaysia, the United Kingdom and the United States of America, Cover-More is a specialist and integrated travel insurance, medical assistance and employee assistance provider.
Zurich is a wholly owned subsidiary of the Zurich Insurance Group, a leading multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia Pacific and the Middle East.
Gilbert + Tobin partner Tim Gordon said Gilbert + Tobin was pleased to have advised on this important strategic transaction for Cover-More’s shareholders.
“We advised Cover-More on its IPO and it’s very rewarding to see the fantastic business that Cover-More has built be recognised through an acquisition by an institution of the scale and reputation of Zurich. We’ve loved being involved in such an important transaction for Cover-More’s shareholders”.
Corporate Advisory partners John Williamson-Noble and Tim Gordon led the team, supported by Litigation partner Colleen Platford, as well as lawyers Chris Morse, Jenny Leung, Alexandra Whitby and Alice Pailthorpe.
Gilbert + Tobin’s market-leading M&A team has advised on many of Australia’s largest and most innovative recent M&A transactions, including SAI Global on the scheme of arrangement with Baring Asia, Qube on the acquisition of Asciano, APN Outdoors on the merger with oOh!media and Spotless in relation to the bid by Downer EDI.