Chapman Tripp has advised a Japanese consortium on its 100% acquisition of Carter Holt Harvey’s pulp and paper and packaging businesses. The Consortium comprises Tokyo Stock Exchange-listed packaging company Oji Holdings Corp, and Innovation Network Corporation of Japan (INCJ) - a Japanese corporate investor, sponsored by the Japanese government and private enterprise.
The $1.037b investment is one of the largest investments in the New Zealand economy by Japanese investors.
Chapman Tripp advised on all New Zealand legal aspects of the purchase, including contract negotiations, deal structuring and environmental issues. The team was led by partner John Strowger and included partner Tim Tubman, senior associate Joshua Pringle and senior solicitor Adrien Hunter. An Environmental team led by partner Paula Brosnahan provided environmental advice.
John Strowger said: “This was a complex transaction requiring significant commercial and environmental legal expertise, over a prolonged period. Chapman Tripp has a reputation for advising on New Zealand’s largest M&A deals and we are delighted to have assisted the Oji/INCJ consortium with this significant investment.”
The deal is expected to complete in the second half of the year, subject to regulatory approval.