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 team at ACC.
"We look forward to seeing the results of the ACC/NZ Super/NZ Post partnership."
James Hawes worked together with Partner Andrew Harkness and solicitor Toby Holborow.