Synlait Milk Limited’s (Synlait’s) entry into a conditional agreement to sell its North Island assets to global healthcare leader Abbott was announced yesterday, with leading New Zealand law firm MinterEllisonRuddWatts advising Synlait on the strategic transaction.
The transaction, valued at approximately NZD307 million (USD178 million), marks a significant milestone for Synlait as it continues to reshape its strategic direction and strengthen its financial position. The sale includes Synlait’s PÅkeno manufacturing facility and Auckland-based blending, canning, and warehousing operations, along with associated inventory and leasehold arrangements.
Synlait Chair George Adams described the agreement as a “defining moment” for the company, noting that the divestment will enable Synlait to significantly reduce debt and reset its future trajectory.
Corporate M&A Partner, Mark Forman led the firm’s deal team and says: “This transaction is pivotal for Synlait, and we are proud to have supported Synlait in navigating this strategically significant divestment, which strengthens its financial position and unlocks potential for future growth.
“The sale to Abbott, a global healthcare leader, reinforces New Zealand’s reputation as a trusted partner in high-value nutrition and innovation. It’s a privilege to help shape a deal that supports local jobs, global growth, and a more resilient future for New Zealand."
MinterEllisonRuddWatts’ deal team led by Mark Forman included Igor Drinkovic, Jessica Bremner, Nick Stewart, Tom Maasland, Abbey James, Amanda Spratt, Alastair Gatt, Bianca Tree, Olivia Pahulu, Andrew Horne, June Hardacre, Isabella Denholm, Andrew Ryan, Christopher Young and Briar Richardson.
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