Australian firm Gilbert + Tobin and Herbert Smith Freehills are advising on a $5.8 billion merger which will create an Australian pharmacy product wholesaler and distributor.
Under the proposed deal, Chemist Warehouse will merge with sharemarket-listed Sigma Healthcare via a scheme of arrangement to create a healthcare wholesaler, distributor and retail pharmacy franchisor, with a post-completion indicative market capitalisation of $5.8 billion.
HSF is advising Chemist Warehouse owner CW Group Holdings with a team that includes merger and acquisitions partners Michael Ziegelaar, Natalie Bryce, Alex Mackinnon, Baden Furphy, competition partners Stephanie Panayi and Linda Evans, and and finance partner Martin MacDonald.
“Businesses that support the community pharmacy sector, like Chemist Warehouse and Sigma, play an important role in keeping our healthcare system accessible and affordable. It is so rewarding for our team to work for clients who contribute to the health and wellbeing of the Australian community,” Bryce said in a statement.
G+T is advising Sigma with a team led by corporate advisory partners Costas Condoleon and Adam D’Andreti, along with partners John Schembri, Elizabeth Avery, Liana Witt and Sam Kings.
“We are so proud to have helped our client Sigma with this remarkable transaction, which is not only one of the largest M&A transactions of 2023, but also sees the listing of one of Australia’s best-known businesses, Chemist Warehouse Group, on the ASX under an innovative new listing structure,” D’Andreti said in a statement.
The merger is subject to regulatory and shareholder approval and the merged entity will be listed on the Australian Securities Exchange.
