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Simpson Grierson advises ACC on Kiwibank acquisition

October 31, 2016

Contacts

Partners James Hawes, Andrew Harkness

M&A and capital markets Simpson Grierson news and events

Simpson Grierson has advised Accident Compensation Corporation (ACC) on its acquisition of a 22% stake in the Kiwibank group of companies.

ACC acquired its interest alongside the acquisition of a 25% interest by the New Zealand Superannuation Fund (NZ Super). The combined purchase price was NZ$494m.

Both ACC and NZ Super are Government-owned as is the remaining majority shareholder, New Zealand Post (NZ Post), meaning that New Zealanders will retain 100% ownership of the bank.

This deal has been over six months in the making, with NZ Post announcing in April that it was seeking to divest 45% of its shares in Kiwi Group Holdings.
 
Partner James Hawes says "It was great to work with the ACC team and we look forward to seeing the results of the ACC / NZ Super / NZ Post partnership".

James worked with partner Andrew Harkness and solicitor Toby Holborow on the deal.