Arvida has entered into a Scheme Implementation Agreement (SIA) with Stonepeak Alps BidCo Limited (Stonepeak BidCo) under which Stonepeak BidCo will acquire all of the shares in Arvida at NZ$1.70 per share by means of a scheme of arrangement (Scheme).

Stonepeak BidCo is an indirect subsidiary of funds managed or advised by Stonepeak, a leading alternative investment firm specialising in infrastructure and real assets with approximately US$71.2 billion of assets under management.

The Scheme is subject to a number of conditions, including approval at a meeting of Arvida’s shareholders.

Arvida shareholders do not need to take any action at the current time. Further information, including a Scheme Booklet containing information relating to the Scheme, will be provided to shareholders in Q3 2024.

Arvida shareholders will have the opportunity to vote on the Scheme at a meeting later in 2024. If all the Scheme conditions are satisfied (or, where capable of waiver, waived), the Scheme is expected to be implemented in late 2024. These dates are indicative and subject to change.