LAWFUEL – The Law News Network – Chapman Tripp partner John Strowger and senior solicitor Tim Tubman advised Pacific Retail Group on the sale of its finance division to GE Finance and Insurance for NZ$145m.
The deal, which received Commerce Commission clearance last week and settled yesterday, allows the company to retire all parent company debt, leaving it in a strong financial position to continue to fund growth in its other businesses. Pacific Retail Group made NZ$75m net profit from the sale.
Chapman Tripp is the most active mergers and acquisitions law firm in New Zealand, having recently advised AMP Property Portfolio Investments on its NZ$358m takeover offer for Capital Properties, International Paper Company on the sale of its 50.5% majority shareholding in Carter Holt Harvey for NZ$1.65b, Direct Capital Private Equity on its acquisition of New Zealand Pharmaceuticals, Woolworths on its NZ$2.7b acquisition of Progressive Enterprises and Wrightson on its NZ$1b merger with Pyne Gould Guinness.
