AVEO Group (ASX: AOG) has bought Freedom Aged Care for $215.5 million in the largest settlement ever facilitated by corporate specialists Ferguson Cannon Lawyers in the firm's 20-year history.
The transaction included an $83.5 million share issue by Aveo, the assumption of $88 million in debt as well as the agreement for a deferred payment of $34 million dependent on performance conditions over a four-year period.
Ferguson Cannon director Byron Cannon says the client was extremely happy with the result and that the firm looks forward to the opportunity to continue working with the new owners and management team with regards to their ongoing operational needs.
"All parties worked closely together over many months to achieve an outcome that is the culmination of a very rapid growth plan," says Cannon.
"We were pleased to be able to partner with our client and work closely at a legal, project management and business level to achieve an excellent result."
The acquisition bolsters Aveo's extensive retirement living portfolio of 95 retirement communities and 17,000 homes across the country, in addition to a current development pipeline of 533 new units.
With Freedom Aged Care now added to the group, Aveo has claimed its place as the largest owner and operator of retirement communities in Australia.
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