Piper Alderman has teamed up with Bryan Cave Leighton Paisner LLP (BCLP) in advising Driscoll’s Inc. on the $2.5 billion acquisition of ASX-listed Costa Group Holdings Limited by a consortium. The deal was announced on 22 September; it is set to be implemented through a court-approved scheme of arrangement. Under the all-cash consideration, Costa’s equity is valued at $1.496 billion, while its enterprise value came in at $2.459 billion.
The consortium was led by US private equity firm Paine Schwartz Partners, LLC (PSP) and includes PSP-controlled entities as well as Driscoll’s, and British Columbia Investment Management Corporation (BCI). The scheme is pending approval from Costa’s shareholders as well as certain regulatory approvals across Australia, the EU, China, and Morocco, according to a BCLP press release.
The scheme is expected to be implemented in the first quarter of 2024. Following the acquisition, Costa will de-list from the ASX.
Source: thelawyermag.com