Arvida shares up 55% after US private equity buyout news

Anthony Beverley was appointed chair of Arvida in July 2021. (Image: Supplied)

Mon, 22 Jul 2024

Retirement village and aged-care provider Arvida has entered an agreement to be bought by US private equity firm Stonepeak BidCo.Arvida told the New Zealand Exchange (NZX) Monday morning that its board unanimously endorsed the scheme to sell all shares at $1.70 – a 65% premium on the opening price. Arvida shares rose over 55% to $1.60 after announcing the buyout agreement. The all-cash transaction is valued at approximately US$1.25 billion (NZ$2b), including the assumption of debt.Volumes had surpassed $8.6 million by noon.“Arv...

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