Retirement Villages to sell 37.7 percent , $270 mln stake in Metlifecare, repay debt

Sun, 20 Oct 2013

Oct. 21 (BusinessDesk) – Australia’s Retirement Villages Group, the biggest shareholder of Metlifecare, has hired Goldman Sachs to sell its 37.7 percent stake, completing an exit that began when the New Zealand company merged with two rivals last year. Goldman has been given the sale mandate ahead of the Nov. 23 expiry of the escrow period for RVG’s 79.4 million shares, according to a statement from ASX-listed FKP Property Group, which manages RVG. The stake is worth about $270 million at today’s price and much of the proceeds will be used t...

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