Herbert Smith Freehills advises Blackmores on its proposed A$1.85 billion acquisition by Kirin Holdings

Herbert Smith Freehills is pleased to be advising Blackmores Limited (Blackmores) on its proposed A$1.85 billion acquisition by Kirin Holdings Company, Limited (Kirin).

Blackmores announced this morning that it has entered into a scheme implementation deed with Kirin for the acquisition of 100% of the issued share capital of Blackmores pursuant a scheme of arrangement at A$95.00 per share. A Blackmores shareholder vote on the scheme is expected to occur in July 2023.

Blackmores is Australia’s leading natural health company and an iconic Australian brand. The company has a proud 90+ year history since its establishment by Maurice Blackmore in 1932, and has led pioneering market development in Southeast Asia over several decades.

The proposed transaction is testament to the strong leadership position Blackmores holds in the natural health sector across the Asia Pacific region and represents an exciting growth opportunity for the Blackmores business. It is also further validation of the quality of Australian businesses in the eyes of offshore buyers.

The Herbert Smith Freehills team is being led by the firm's Chair and Senior Partner Rebecca Maslen-Stannage and Executive Counsel James Shirbin, together with solicitors Danielle Farrell and Georgie Juszczyk.

Chair and Senior Partner Rebecca Maslen-Stannage said, “We are delighted to be advising Blackmores on this transaction which represents a significant milestone in the company’s history. We have loved working with Blackmores’ Group General Counsel Helen Mediati and the entire Blackmores team, and we look forward to continuing to support Blackmores as we move towards implementation of the proposed transaction.”

Blackmores Group General Counsel Helen Mediati said, “This was a significant transaction for the Blackmores Group, thus it was crucial that we hired the best lawyers to assist and advise us. Herbert Smith Freehills continuously re-affirmed our choice to work with them. Their knowledge and experience were exceptional, and Rebecca, James, and the team were available each and every time we needed them. We look forward to working with them through the next stages of the proposed transaction.”

The deal is another example of Herbert Smith Freehills' market-leading M&A team acting on major control transactions. Other examples include acting for Origin Energy on its proposed $18.7 billion acquisition by the Brookfield-EIG consortium, and Perpetual Limited on its successful $2.3 bilion acquisition of Pendal Limited.