EQT's bid approved for acquisition of Metlifecare
The Overseas Investment Office in New Zealand has approved the bid from EQT owned Asia Pacific Village to acquire 100% stake in retirement village operator Metlifecare. Due to the COVID-19 Asia Pacific Village withdrew the bid made in January 2020. Metlifecare had taken steps to enforce that deal through court action. After which Asia Pacific Village made a lower bid of NZD 6 (US$ 4.02) per share with the condition to withdraw the court case.
Metlifecare is a leading New Zealand owner and operator of retirement villages, providing rewarding lifestyles and outstanding care to more than 5,600 New Zealanders. Established in 1984, it currently owns and operates a portfolio of 25 villages in areas with strong local economies, supportive demographics and high median house prices, located predominantly in New Zealand’s upper North Island.
After the approval, the acquisition is expected to be complete in October 2020.
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