Clifford Chance advises Bright Dairy on its majority stake investment in New Zealand’s Synlait via private shares placement

Global law firm Clifford Chance, as international lead counsel has advised Bright Dairy & Food Co., Ltd. on its participation in a private share placement in Synlait Milk Limited, a dairy company listed on the New Zealand Stock Exchange and the Australia Stock Exchange. The placement makes Bright Dairy increase its stake in Synlait Milk Limited from 39.01% to 65.25%.

Shanghai-listed Bright Dairy subscribed for 308,333,333 shares of Synlait through a subsidiary for approximately NZ$185 million, and The a2 Milk Company subscribed for 76,283,104 shares of Synlait for approximately NZ$32.8 million. As part of the transaction, Synlait raised approximately NZ$217.8 million in total and completed the refinancing of its existing bank facilities alongside this placement.

Chapman Tripp acted as New Zealand local counsel to Bright Dairy on this transaction.

Clifford Chance also advised Bright Dairy in the IPO of Synlait Milk Limited on the New Zealand Stock Exchange in 2013.