Russell McVeagh is proud to have advised Fonterra Co-operative Group Limited on the sale of its global consumer and associated businesses to Lactalis for NZ$4.22 billion.
Led by Corporate Advisory partners David Hoare, Ben Paterson and Hannah Wilson, the Russell McVeagh team acted as lead deal counsel for Fonterra, supporting the Co-operative across all New Zealand legal aspects of the transaction.
The transaction includes well-known Kiwi brands such as Anchor, Mainland and Kapiti, as well as related operations in Oceania, Sri Lanka, Southeast Asia and the Middle East. Completion is expected in the first half of 2026 and is subject to farmer shareholder and regulatory approvals.
This is a landmark transaction for New Zealand’s dairy sector, and one of the largest transactions in New Zealand corporate history. Our firm is immensely proud to have supported Fonterra on this complex, multi-jurisdictional deal as the Co-operative sharpens its focus on its core business and returns capital to its farmer shareholders.
Corporate Advisory partner Ben Paterson
A cross-practice Russell McVeagh team is advising Fonterra on the transaction. The transaction structure also contemplates long-term supply agreements for milk and ingredients between Fonterra and Mainland.
A big thank you to Jackie Floyd, Mike Cronin, Selena Robb, Jonathan Boswell, Tim Allen and the wider Fonterra team.
We would also like to thank Craigs Investment Partners, Jarden, JP Morgan and Herbert Smith Freehills Kramer and PwC for their support throughout the process.
The deal was supported by a wider Russell McVeagh team, including partners Liz Blythe, Bradley Aburn, Joe Windmeyer, Fred Ward, Joe Edwards, David Butler, Emma Peterson and Craig Shrive, special counsel Hamish Beckett, Brigette Shone and Sarah McQueen, senior associates Lucy Campbell, Hannah Brown, Rachael O'Malley and Sam Kember, senior solicitors Leisha Fletcher, Niranjanaa Ram and Young-Chan Jung, and solicitors Siena Rapley, Kirsty McCulloch, Julia Fraser, Sophie Brokenshire, Stephanie Wheble, Lucy Adams, Dexter Peffers, Emily Briggs, Ella Lester, Cole Murray, Tayla Fraser-Brown, TK Lo, Lennox Tait, Nicole Simmons, Hannah Clarke, Jessie Williams, Kieran O'Connor, Andrew O'Malley Shand and Angelica Sivananthan.
You can read more about the transaction: