King & Wood Mallesons has acted as Australian legal counsel for its long standing client, Nestlé on Nestlé’s global acquisition of the Pfizer Infant Nutrition business which was announced on 23 April 2012.
Nestlé has signed an agreement to acquire Pfizer’s Infant Nutrition business for a total purchase price of approximately US$11.85 billion.
Pfizer’s Infant Nutrition business has a diversified global presence and operates in over 60 countries with a significant presence in the Asia Pacific region, including China and Australia. Infant nutrition is a core business line for Nestlé and Pfizer Nutrition will complement its existing portfolio of high quality brands experiencing strong growth. This is a significant strategic fit and acquisition for Nestlé, squarely positioning the company as a leader in the global infant nutrition market.
Within Australia, King & Wood Mallesons role was to perform legal due diligence on the Australian target business and also provide regulatory advice and assistance, including competition issues in this market.
The King & Wood Mallesons team is being led by Mike Barker, Partner, M&A on the legal due diligence and sale documents side and Sharon Henrick, Partner, Competition and Regulatory Group, who is heading up the competition advice. They were assisted principally by Ryan Thorne, M&A Senior Associate and Tina Zhuo, a Solicitor in the Competition and Regulatory Group.
This is the latest in a number of strategic deals King & Wood Mallesons has supported Nestlé on. Our Consumer and Retail group has previously advised Nestlé on the acquisition of Jenny Craig Australia, its global acquisition of the Novartis medical nutrition business and Uncle Toby’s and the sale of its Australian Lean Cuisine frozen food business to Simplot.
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