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Australia’s sole corporate group health insurer sold
Australia’s only established specialist corporate group health insurer has been acquired by nib Holdings Limited.
Emma Musgrave
Firm: Ashurst (nib Holdings Limited)
Value: $155.5 million
Area: M&A, finance
Key players: The Ashurst legal team was led by partner Phil Breden, with assistance from partners Anton Harris, Tim Brookes, Peter McCullough, Jennie Mansfield, Anita Cade, Diane Skapinker and Bill Reid.
Deal significance: This transaction will see nib acquire 100 per cent of the shares of Grand United Corporate Health Limited (GU Health) from Australian Unity Limited (AU) for $155.5 million.
According to a statement from Ashurst, completion of the transaction is expected to occur in the final quarter of 2017, subject to satisfaction of certain conditions precedent.
“GU Health is Australia’s only established specialist corporate group health insurer, servicing over 34,000 policyholders across more than 260 corporate clients. The business has operated as a wholly owned subsidiary of AU since 2005,” the statement said.
“nib has also successfully completed a fully underwritten $60 million institutional placement in connection with the transaction and also intends to offer a non-underwritten $15 million Share Purchase Plan and utilise a new debt facility for the balance. Shares to be issued under the placement are expected to be settled on 25 September 2017, with the issue and quotation of the new securities expected to occur on 26 September 2017.
“Ashurst advised nib on all aspects of the transaction and the capital raising.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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