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TPG¡¯s $1 Billion Acquisition of Greencross Ltd (Australia)

Apr 17, 2019
Greencross is one of Australasia’s leading integrated pet care companies, with over 250 retail pet stores, a fast-growing online business and the largest network of veterinary practices in Australasia. Operating under the brand names of Petbarn and City Farmers in Australia and Animates in New Zealand

G+T has advised TPG on the acquisition of ASX-listed pets and vets company, Greencross Limited (Greencross), by way of a scheme of arrangement.

TPG, through a special purpose vehicle Vermont Aus Pty Ltd (BidCo), acquired 100% of the share capital of Greencross following the implementation of the scheme of arrangement on 27 February 2019. As part of the transaction, Greencross shareholders were offered three consideration options including the opportunity to hold stub equity alongside TPG.

The transaction, which values Greencross at an enterprise value of approximately $1 billion, was extremely well supported by Greencross shareholders at the company’s scheme vote held in early February, and was implemented on an accelerated timetable.

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