Herbert Smith Freehills is advising Bupa Care Services Australia on the proposed acquisition of the residential aged care business operated by the Innovative Care Group.
The Innovative Care Group operates a portfolio of modern residential aged care facilities situated in New South Wales, Queensland and Victoria. The transaction will involve Bupa Care Services Australia acquiring 10 aged care facilities, adding to its 50 existing facilities across several Australian jurisdictions. With this acquisition, Bupa Care Services Australia will become the country’s largest private aged care provider.
The Herbert Smith Freehills team is led by Corporate partner Brad Russell and includes Nick Conway, Alicia Albury, Natalie Bryce, Claire Mather and Julie Comninos. The team has been working closely with Emma Zipper, the General Counsel and Company Secretary of Bupa Care Services Australia, and her legal team.
‘This is the first significant transaction in the aged sector for several years and will assist Bupa to build on its strong track record as a provider of residential aged care services in Australia’ said Brad Russell. ‘It has been a pleasure to work with Bupa in reaching agreement on this transaction in a very tight timeframe.’
The deal is expected to complete by no later than mid-February 2013 subject to satisfaction of a number of conditions precedent.
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