Metlifecare securityholders vote in favour of APVG acquisition

Metlifecare (NZX: MET, ASX: MEQ) announced its securityholders have overwhelmingly approved the acquisition of Metlifecare by APVG, an entity owned by EQT Infrastructure IV, at the Scheme Meeting held in Auckland, New Zealand today.

EQT is pleased to confirm that the resolution to approve the Scheme was passed by a significant majority of shareholders, with more than 90 percent of shares voted in favour of the transaction.

Metlifecare is a leading New Zealand owner and operator of retirement villages, providing rewarding lifestyles and outstanding care to more than 5,600 New Zealanders. Established in 1984, it currently owns and operates a portfolio of 25 villages in areas with strong local economies, supportive demographics and high median house prices, located predominantly in New Zealand’s upper North Island.

EQT is a differentiated global investment organization that invests in good companies across the world with a mission to help them develop into great and sustainable companies. By providing access to ownership skills and operational expertise, EQT helps acquired companies grow and prosper. Development and growth are at the core of the value creation, with digitalization and sustainability being key future-proofing drivers. Portfolio companies owned by the funds of EQT have, on average, increased sales by 10 percent, the number of employees by 7 percent and EBITDA by 12 percent per annum during the funds’ ownership.

Ken Wong, Managing Director, Head of EQT Australia & New Zealand and Investment Advisor to EQT Infrastructure IV, said: “We welcome the decision today by Metlifecare’s shareholders to support the proposed transaction and vote overwhelmingly in favour of the scheme of arrangement. EQT looks forward to applying its long-term vision to accelerate Metlifecare’s growth and deliver the highest quality care to its residents. I would also like to extend my appreciation and thanks on behalf of EQT to Metlifecare’s employees who have worked tirelessly during this period to protect the health and wellbeing of its residents during an unprecedented year.”

The closing of the transaction is subject to court approval. It is currently contemplated that the Scheme will be implemented in late October 2020.

APVG and EQT Infrastructure IV are being advised by Goldman Sachs, Bell Gully, King & Wood Mallesons, Simpson Thacher & Bartlett, EY and Colliers.

Contact
International media inquiries: EQT Press Office, [email protected]
New Zealand media inquiries: David Lewis, [email protected], +64 21 976 119
Australian media inquiries: Jim Kelly, [email protected], +61 412 549 083

About EQT
EQT is a differentiated global investment organization
with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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About Metlifecare
Metlifecare is a leading New Zealand owner and operator of retirement villages, providing rewarding lifestyles and outstanding care to more than 5,600 New Zealanders. Established in 1984, it currently owns and operates a portfolio of 25 villages in areas with strong local economies, supportive demographics and high median house prices, located predominantly in New Zealand’s upper North Island.

More info: www.metlifecare.co.nz