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Lion advised on sale of dairy and drinks business
Food and beverage company Lion has been advised on the sale of its dairy and drinks business to a Chinese company for over half a billion dollars.
Jerome Doraisamy
Firm: King & Wood Mallesons (Lion); unknown (Mengniu Dairy Company).
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Deal: KWM has advised Lion on the sale of its Lion Dairy & Drinks business to China Mengniu Dairy Company Limited for approximately $600 million.
In a statement, KWM said that the sale includes all of Lion’s white milk, milk-based beverages, yoghurt, juice and water ice brands and assets, as well as Lion Dairy and Drinks’ international business, and its share of the joint ventures Vitasoy Australia Products and Capitol Chilled Foods Australia, and the licensing agreement for the Yoplait brand.
The sale is subject to ACCC and FIRB approvals and other standard closing conditions, and the business will be sold to Mengniu for approximately $600 million.
Area: Industrials, consumer, agribusiness and health.
Value: $600 million.
Key players: The KWM team was led by partner Meredith Paynter, who was supported by partners Scott Bouvier, Sharon Henrick and Malcolm Brennan, senior associates Mark Vanderneut, Christopher Kok and Katie Lewis, and solicitors Lenny Andreev, Rebecca Stanley and Kendy Ding, “together with a number of other partners and lawyers who have assisted [in] all aspects of the sale process”, the firm said.
Deal significance: Commenting on the transaction, Ms Paynter said: “It is great to support our longstanding client Lion, and its shareholder Kirin Holdings, to reach this key milestone in the sale, and to assist them to achieve their broader objectives for this significant project.”
