INFINZ Awards: Chapman Tripp Mergers and Acquisitions Transaction of the Year

Toby King (Cameron Partners), Juliet MacLean (Synlait) and Michael Falconer, of Empire Management. Photo / Garry Brandon

Takeover of Synlait Farms

Lead Financial Adviser: Cameron Partners

Commercial Adviser: Empire Management

The winning transaction involved the takeover of Synlait Farms by Synlait Farms Holdings for $223 million - a deal the judges said delivered value and liquidity to Synlait Farms shareholders in excess of all valuation benchmarks.

The acquisition of about 12,000ha of New Zealand dairy farms went unconditional early last year.

"The transaction effectively managed and communicated several complexities including dual-country regulatory approvals, related-party issues and a time-based price escalator," the judges said.

Synlait Farms Holdings is majority-owned by Shanghai Pengxin, which also acquired the North Island Crafar Farms in 2012.

Toby King, of Cameron Partners, said the award was a tribute to the Synlait Farms asset and its team.

"We all know that good product sells and good product means a good asset, good team and good information.

"The odds always seem stacked up against you but occasionally the clouds peel open, the sun shines, the grass grows and it feels as though you're the dealer with the stacked deck."

The other finalists were Arvida Group's $329 million aggregation of 17 retirement villages and the sale of Transpacific Industries NZ to Beijing Capital Group for $950 million.