Allens has advised Gold Coast-based National Veterinary Care (ASX: NVL) (NVC) on its sale to VetPartners by way of scheme of arrangement. Under the scheme, which has been approved by shareholders and the Supreme Court of Queensland, VetPartners will acquire 100% of NVC’s issued share capital for $3.70 per share, valuing the veterinary services provider at approximately $251.5 million.
VetPartners is a Sydney-based owner and operator of more than 140 veterinary clinics in Australia, New Zealand and Singapore. The acquisition of more than 100 NVC veterinary clinics will increase VetPartners’ network to more than 240 clinics across those regions.
‘We were delighted to advise National Veterinary Care and to achieve an excellent result for its shareholders in light of current financial market volatility,’ said lead Partner Franki Ganter.
‘While the dramatic impact of COVID-19 in recent weeks presented a number of short-term challenges for the transaction process, the merger of these two businesses provides VetPartners with an excellent footprint across South East Asia, from which to grow in the long-term in what remains a very fragmented market,’ she said.
Allens also advised on multi-jurisdictional issues, said Chair of NVC Susan Forrester.
‘The sale of National Veterinary Care involved an international strategic purchaser, which added legal and regulatory complexity to the deal. The advice Allens provided was instrumental to navigating these issues, allowing us to get the deal over the line at a time of global uncertainty,’ said Susan.
Implementation of the transaction is expected to occur on 8 April 2020.