MinterEllison acted for long-term client, Essity Aktiebolag ("Essity"), in relation to its proposed acquisition of the remaining 63.8% shares in ASX-listed Asaleo Care Limited ("Asaleo Care") that it does not already own via a scheme of arrangement.

Asaleo Care is a personal care and hygiene company with a portfolio of market leading brands including Libra, Handee Ultra, Purex, Sorbent, Treasures, Deeko, Viti and Orchid, and TENA and Tork through license agreements with Essity. The company has extensive manufacturing, marketing, distribution and sales capabilities in Australia, New Zealand and the Pacific Islands.

Essity is a leading global hygiene and health company, with a number of leading global brands and sales in 150 countries. It is headquartered in Stockholm, Sweden and listed on Nasdaq Stockholm.

The proposed transaction is expected to enable opportunities for continued investment in Australia, New Zealand and the Pacific region, a broader product suite for Asaleo customers and new career opportunities for the Asaleo team.

MinterEllison has represented Essity and its predecessors on its Australian investments for more than 40 years, including:

• the original acquisition of the Asaleo Care business from Carter Holt Harvey
• the sale of a 50% interest to funds managed by private equity manager PEP approximately 10 years ago
• the IPO of Asaleo Care on ASX in 2014

MinterEllison Managing Partner – International, Jeremy Blackshaw, noted, “We are very pleased to have advised our long standing client Essity on reaching this important stage in acquiring all of the outstanding shares in Asaleo Care Limited that it does not already own. The acquisition of Asaleo Care will facilitate the opportunity for profitable growth in Australia, New Zealand and the Pacific region and will further consolidate Essity's position as a leading global health and hygiene company."

"The completion of this stage of the transaction was a multijurisdictional, multidisciplinary effort, that also enabled us to leverage our unique trans-Tasman capabilities via our partnership with MinterEllisonRuddWatts in Auckland."

The MinterEllison team was led by Jeremy Blackshaw (Partner) and Alberto Colla (Partner) with transaction solutions assistance from Mark Simkiss (Associate), Arman Saffar (Lawyer) and Josh Carfi (Lawyer). Subject matter experts from across multiple teams and jurisdictions advised on the transaction, including:

• Tax: Adrian Varrasso (Partner), Daniel Kornberg (Senior Associate).
• Transfer pricing: Craig Silverwood (Partner), Beau Jellis (Associate).
• Commercial and regulatory: Margaret Gigliotti (Senior Associate).
• Competition: Miranda Noble (Partner).
• Workplace: Tim Davey (Special Counsel).
• FIRB: David Moore (Partner), Melissa Lai (Senior Associate), Katherine O'Brien (Associate).
• New Zealand: Silvana Schenone (Partner), Igor Drinkovic (Senior Associate).