Home / Newsroom / Sale of shareholding in Tower

Sale of 19.99% shareholding in Tower

8 March 2018

Vero Insurance New Zealand Limited (Vero) (a wholly owned subsidiary of Suncorp) today announced it has accepted an offer from Bain Capital Credit, L.P (Bain) to acquire its 19.99 per cent shareholding in Tower Limited (Tower) at a price of NZD $0.80 per share.

This represents 100 per cent of Vero’s holdings in Tower, at a total value of NZD $53.9 million. 

As a result of the sale, a NZD $8.5 million gain will be realised by Suncorp New Zealand in the second half of the June 2018 financial year. 

The divestment of the Tower shareholding follows the New Zealand Commerce Commission’s decision to decline the application by Vero to acquire 100 per cent of Tower.

Share this: 

Media enquiries: Bridget Catchpole +64 27 215 1292

The information in this article has been compiled from various sources and is intended to be factual information only. It is not personal advice and any description of an insurance product or service is not a complete description of all the terms and conditions applicable to the particular insurance product or service. You should consult a qualified adviser for advice on whether the information in this article is suitable for your personal situation and needs. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Suncorp New Zealand and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.