By King & Wood Mallesons

King & Wood Mallesons (KWM) has advised Shenzhen-listed By-Health Co., Ltd. on the acquisition of Australian probiotic market leader Life-Space Group, for a purchase price of up to A$690 million.

The transaction represents By-Health’s first major outbound acquisition in the Australian healthcare industry, with Life-Space operating the Evolution Health and Ultramix businesses as well as the Life-Space brand of probiotics.

As extensive cross-border KWM team working across Australia and China advised on the acquisition, led by Partners Tiandi Zhang in China and Will Heath in Australia. They were supported by Yinghao Lv, Xiaoquan Yang, Rui Zhou, Seric Han,  Qinglin Li and Liang Qiu in China and Andrew Deszcz, Michael Robertson, Rebecca Williams and Jason Xu in Australia.

Commenting on the matter, Tiandi Zhang said we are delighted to have supported our longstanding client By-Health on its first Australian acquisition, which will provide significant international growth potential to extend its strong China operations.

Will Heath added, “KWM is the only international firm with the M&A experience and capability to successfully advise on a transaction of this nature, with the firm able to seamlessly operate across the region offering both Australian and Chinese legal support.”

The transaction is expected to close later this year, subject to regulatory (FIRB and PRC) and shareholder approvals.