(Reuters) -U.S.-based non-public fairness agency Stonepeak will buyout New Zealand’s Arvida Group for NZ$1.24 billion ($745.74 million) excluding debt because the funding agency appears to be like to money in on the demand for retirement dwelling and aged care providers.

Stonepeak, which has belongings of round $71.2 billion, late Sunday mentioned it’s providing NZ$1.70 per Arvida share, which displays a 65% premium to Arvida’s final shut on Friday.

“Demand for high-quality retirement dwelling in New Zealand has demonstrated sturdy resiliency by means of cycles and enticing progress lately,” Stonepeak mentioned in a press release.

Arvida on Monday mentioned it had accepted the provide, which was not topic to any financing or due diligence circumstances.

Arvida in December mentioned it had obtained a takeover strategy in September, with out giving additional particulars across the timing of the provide.

Shares of the corporate had hit a month-to-month excessive of NZ$1.26 on Sept. 22. The inventory has since dragged 18.5% to an in depth of NZ$1.03 on Friday.

Arvida in December rejected a similar NZ$1.70 apiece buyout strategy from an offshore infrastructure fund on account of the provide being extremely conditional and never in the perfect pursuits of shareholders.

Arvida nevertheless accepted Stonepeak’s takeover provide on the again of the deal providing a compelling worth and excessive certainty to completion.

Reuters couldn’t instantly affirm if Stonepeak was the agency which had beforehand supplied to take Arvida non-public.

($1 = 1.6628 New Zealand {dollars})