Ashurst has advised nib Holdings Limited (nib) on its agreement to acquire 100% of the shares of Grand United Corporate Health Limited (GU Health) from Australian Unity Limited (AU) for A$155.5 million.

GU Health is Australia’s only established specialist corporate group health insurer, servicing over 34,000 policyholders across more than 260 corporate clients. The business has operated as a wholly owned subsidiary of AU since 2005.

Completion of the transaction is expected to occur in the final quarter of 2017, subject to satisfaction of certain conditions precedent.

nib has also successfully completed a fully underwritten A$60 million institutional placement in connection with the transaction and also intends to offer a non-underwritten A$15 million Share Purchase Plan and utilise new debt facility for the balance. Shares to be issued under the placement are expected to be settled on 25 September 2017, with the issue and quotation of the new securities expected to occur on 26 September 2017.

Ashurst advised nib on all aspects of the transaction and the capital raising.

The Ashurst team was led by partner Phil Breden (Corporate) and included senior associates Michael Dearden and Andrew Kim, and lawyers Sagar Sritharan and Lee-Anne Yeo (Corporate); partner Anton Harris and with lawyer Simon Vose (Capital Raising); senior consultant Wayne Cahill (Healthcare/ Regulatory); partner Tim Brookes, senior associate Karen Dwyer, with lawyers Daniela Lai and Jason Qian (TMT); partners Peter McCullough and Barbara Phair with senior associates Elke Bremner, Sanjay Wavde and Sophia Kwok (Tax); partner Jennie Mansfield, consultant David Sefton and lawyer Ed Carroll (Employment); partner Anita Cade, senior associate Maria Sun and lawyer Stevie Gough; partner Diane Skapinker with counsel Vicki Aron (Property); and partner Bill Reid and lawyer Cloe Hammon (Competition).