Allens advises Bain Capital on $959M proposed acquisition of Estia

Healthcare Mergers & Acquisitions Private Equity

Allens has advised Bain Capital Private Equity (Bain Capital) on its proposed acquisition of aged care operator Estia Health Limited for an enterprise value of $959 million by way of scheme of arrangement.

The signing of the scheme implementation agreement progresses Bain Capital's five-month pursuit of Estia, having made an initial non-binding and indicative proposal in March.

'We are delighted to advise our long standing client, Bain Capital, on this significant transaction. Following the Aged Care Royal Commission and challenges posed by COVID-19, the regulatory settings are now clearer, making aged care an attractive sector to invest in,' said co-lead Partner Noah Obradovic.

'The aged care sector is highly fragmented in Australia. Our expectation is that future activity will be driven by consolidation and increased investment by private equity and other private capital providers,' said co-lead Partner Tom Story.

Allens advised on all aspects of the transaction, drawing upon a cross-practice team of experts in M&A, employment, technology, finance, IP and others.

Allens legal team

M&A and Capital Markets

Noah Obradovic (Co-lead Partner), Tom Story (Co-lead Partner), Joy Yoon (Managing Associate), William Brown (Associate), Angela Zhangbao (Associate), Harry Fenton (Lawyer), Sara Heckhoff (Lawyer), Joshua Graffi (Lawyer), Jessica Hodgson (Lawyer)

Employment & Safety

Sikeli Ratu (Partner), Virginia Dore (Associate) 

Technology, Media and Telecommunications

Dominic Anderson (Partner), Lauren Holz (Senior Associate), Harry Chapman (Lawyer)

Banking & Finance

David Couper (Partner), Sarah Denton (Senior Overseas Practitioner), Flynn O'Byrne-Inglis (Associate)

Intellectual Property

Andrew Wiseman (Partner), Tracy Lu (Managing Associate), Bryanna Workman (Associate)