Firms: Herbert Smith Freehills (Bupa); Middletons (Innovative Care Group)
Deal: Proposed acquisition of the Innovative Care Group
Key Players: Herbert Smith Freehills (HSF) acted for British health insurer Bupa as it continued its expansion in Australia. Bupa is seeking to purchase 10 aged care facilities in New South Wales, Queensland and Victoria from the Innovative Care Group as part of its $500 million expansion into the Australian market.
The HSF team was led by corporate partner Brad Russell and included Nick Conway, Alicia Albury, Natalie Bryce, Claire Mather and Julie Comninos. The HSF team worked closely with Emma Zipper, the general counsel and company secretary of Bupa Care Services Australia, and her legal team.
Partners Chris Nikou and Paris Petranis led the K&L team together with partner Justin Lethlean and senior associates Caroline Carnegie, Will Grinter and Vanessa Baic.
Deal significance: If the deal gets its expected final approval in February, Bupa will own 60 aged care facilities across Australia, as it continues to diversify from its core health insurance business.
“This is the first significant transaction in the aged sector for several years and will assist Bupa to build on its strong track record as a provider of residential aged-care services in Australia,” said Brad Russell. “It has been a pleasure to work with Bupa in reaching agreement on this transaction in a very tight time frame.”