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David Raudkivi

Partner

Corporate Advisory

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Profile

As a partner in the Corporate Advisory Group, David focuses on capital markets, mergers and acquisitions (M&A), takeovers, private equity, shareholder activism and other corporate matters. 

David has extensive experience on public company transactions, including significant initial public offerings, secondary capital raisings, block trades, takeovers and schemes of arrangement.

David also has significant expertise in the forestry sector, having acted on the sell side of two of the three largest forestry transactions in New Zealand in recent times, a number of minority transactions in timber investment funds, negotiating joint ventures and OIO consents.

Client feedback emphasises David' expertise in the Corporate Advisory sector, stating David:

  • "is a strong capital markets practitioner with a pragmatic approach to resolving issues." - IFLR1000
  • "is probably one of the best M&A partners I have worked with. In my previous jobs, I have done a lot of M&A and corporate finance work and worked with some of the top lawyers in London, Hong Kong and New York. I must say he is as good as them." - IFLR1000
  • "possesses considerable expertise in publicly traded deals, refinancing structures, prominent take-overs and shareholder disputes." - Who's Who Legal Australia and New Zealand Guide. 

Experience

David's capital markets experience includes advising:

  • Citi and UBS as underwriters on Air New Zealand's rights offer and $2.2 billion recapitalisation.
  • NZX (the New Zealand stock exchange) on its own AREO capital raising, underwritten by UBS.
  • Allbirds on extending direct participation to New Zealanders based on the US prospectus in connection with its IPO and listing on the NASDAQ. 
  • Fonterra on the initial public offering of NZX and ASX listed units in the Fonterra Shareholders' Fund as part of the 'Trading Among Farmers' programme introduced by Fonterra.
  • Genesis Energy on its IPO as part of the New Zealand Government's mixed ownership programme.
  • Origin Energy on the block trade sale of its entire control shareholding in Contact Energy.
  • Zuellig on its block trade sale of shares in EBOS.
  • Arrium on the block trade sale of its entire control shareholding in Steel & Tube.
  • Fairfax Media and Trade Me on the initial public offering of NZX and ASX listed shares in Trade Me Group and advising Fairfax Media on its subsequent block trades of shares in Trade Me.
  • Macquarie as underwriter and bookrunner of the block trade of shares in NZX listed Vista Group International.
  • Forsyth Barr, Macquarie Bank and UBS on their underwriting of the Metro Performance Glass IPO.
  • First NZ Capital Securities Limited, Credit Suisse (Australia) Limited, Goldman Sachs New Zealand Limited and Macquarie Capital (New Zealand) Limited, as joint lead managers of the initial public offering of shares in Mighty River Power Limited.
  • Kiwi Property Group on its underwritten placement and retail offer.
  • Credit Suisse, Deutsche Craig's and Jarden on underwriting Kathmandu's AREO capital raising to funds its acquisition of Rip Curl. 
  • Credit Suisse and Jarden on underwriting Precinct Properties' placement and retail offer.
  • The Warehouse Group on its underwritten institutional placement.


David's M&A and takeover experience includes advising:

  • The Board of NZX/ASX listed Trade Me on its takeover by scheme of arrangement by Apax (the largest takeover in New Zealand in a decade and largest ever by scheme of arrangement), including managing the contested bidding process involving H&F.
  • Infratil Limited on its partial takeover of Trustpower.
  • Zhejiang Rifa Holding Group Co on its partial takeover and subsequent take private of Airwork Holdings.
  • The board of Radius Properties Limited on the partial takeover offer made for its ordinary shares by Montagu Investment Holdings Limited and the subsequent going private transaction under scheme of arrangement.
  • Trustpower on its demerger and NZX and ASX listing of Tilt Renewables. 
  • Hancock as manager of Tasman Bay Forests Company on the sale of 24,000 ha of forestry to Sumitomo Forestry Group.
  • Samling on the sale of Hikurangi Forest Farms with a 35,000 ha forestry estate to a consortium managed by New Forests.
  • Healthscope on its acquisition of the Wellington pathology assets from Abano Healthcare and Sonic Healthcare.
  • Retirement Villages Group on its three-way stock for stock merger with Metlifecare and Vision Senior Living.
  • Pacific Equity Partners on the sale of Tegel Foods.
  • Avis Budget Group on its acquisition of Apex Car Rentals.
  • Fairfax Media on the acquisition of Trade Me.

Credentials

LLB (Hons), BCom, University of Auckland
LLM, Columbia University New York (James Kent Scholar)

Professional

David is one of only five practitioners across Australia and New Zealand named 'Most Highly Regarded' for Capital Markets Law by Who's Who Legal's 2022 Report. He was also named 2022 Lawyer of the Year' by Best Lawyers® New Zealand for Capital Markets Law, and is recognised in 2023 for Capital Markets, Corporate Law, Mergers and Acquisitions Law, and Private Equity Law. He is described in the Legal 500 2022 guide as a "standout practitioner" for Corporate and M&A, is recommended by Who's Who Legal for Capital Markets, and is recognised by the IFLR1000 2022 Asia Pacific Guide as a 'Highly Regarded' Practitioner for Capital Markets: M&A and Equity (Energy, Media, Agriculture).

David recently featured as a market commentator as part of NBR's Dealmakers 2022 series (see: Dealmakers 2022: will we see more public company M&A?).

David is part of our Corporate Advisory team which won New Zealand's Deal Team of the Year at the 2019 New Zealand Law Awards, and he received Excellence Awards as a top New Zealand Dealmaker at the 2021 and 2020 Australasian Law Awards.

David authored Lexology's Shareholder Activism & Engagement in New Zealand - 20222021 (including snapshot here), 2020 and 2019 editions.  

David is admitted to practise in New Zealand and in New York. In 2007 and 2008, David worked in the mergers and acquisitions team at Davis Polk in Manhattan.

David joined Russell McVeagh in 2003, before gaining overseas experience and returning to the firm in 2010. He was promoted to a partner at Russell McVeagh in 2015.

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