EQT lowers bid for New Zealand-based retirement village firm

Last December, private markets investment firm EQT attempted to acquire New Zealand-based Metlifecare for NZD 1.5bn. Now, the company offers much less, NZD 1.28bn.

Photo: EQT/PR

Originally, Swedish EQT offered NZD 1.5bn (EUR 868.5m) for real estate company Metlifecare, which runs 25 retirement villages on North Island, New Zealand.

During spring, however, EQT, led by Norwegian national Christian Sinding, dropped out of the deal, referring to the so-called "Material Adverse Change" clause triggered by the Covid-19 crisis. The value of Metlifecare had decreased by at least NZD 200 million, the investment firm argued.

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