Boutique New Zealand corporate law firm Quigg Partners has worked on a number of recent acquisitions, including that of New Zealand-based energy distributor Powerco’s energy infrastructure maintenance business by Australian company Tenix Alliance, and Lyttelton Port’s acquisition of NZ Express.
David Quigg, who heads the firm’s M&A team, said the sale agreement was subject to the due diligence, which is becoming a common trend in New Zealand.
The deal was also an example of the trend for a significant number of acquisitions in New Zealand to have an Australian buyer.
The Lyttleton Port acquisition of NZ Express, a logistics company involved in container services and freight distribution, was also subject to due diligence, and was an indication of “the port business being in a state of development in New Zealand at the moment”. Both companies are based in Christchurch. The acquisition was a strategic fit with Lyttleton Port’s container terminal growth plans.