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NZ government acquires Toll rail business

A $675.61 m

Entry date - Monday, 14 July 2008
Jurisdiction - New Zealand
Practice - Government, M&A
New Zealand Government buys back rail business

Firm Russell McVeagh Client New Zealand Department of Ministry of Transportati Lead Lawyers Role	Firm Simpson Grierson Client Toll Holdings Lead Lawyers Role

Firm
Russell McVeagh
Client
New Zealand Department of Ministry of Transportati
Lead Lawyers
Role

Firm
Simpson Grierson
Client
Toll Holdings
Lead Lawyers
Role

DEAL SUMMARY

The New Zealand government acquired Toll Holding’s rail business.

The NZ$665m deal involves the government buyback of Toll''''''''s rail and ferry assets, using debt. There will be a further NZ$25m of associated costs.

It is understood that the buyback follows reports that Toll is struggling to retain a viable business in the Australian state of Tasmania.

Simpson Grierson acted for Toll Holdings, advising on negotiating the transaction, due diligence, preparing transaction documents, property and corporate restructuring advice.

The firm has acted for Toll since 2003, when it first opened its business in New Zealand and acquired Transrail. The firm was also involved in the sale of the railway line back to the New Zealand government, during 2004.

The deal closed on 30 June 2008.

Did you work on this deal? Let us know and we'll add your details. Email us here.