Applicant
Trade Me Group Limited
Case number(s)
201120063
Decision date
Type
Decision
DecisionConsent granted
Section 13(1)(a) Overseas Investment Act 2005
Decision date2 November 2011
InvestmentAn overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Trade Me Limited, the value of the assets of Trade Me Limited and its 25% or more subsidiaries being greater than $100m.
ConsiderationTo be advised
ApplicantTrade Me Group Limited
Fairfax Media Limited, Australia (70.0%)
Persons who may be overseas persons, Various (30.0%)
VendorFairfax New Zealand Holdings Limited
Fairfax Media Limited, Australia (100.0%)
Background

In 2006, Fairfax New Zealand Holdings Limited acquired 100% of the ordinary shares in Trade Me Limited. It is now proposed that 30-34% of the shares in Fairfax New Zealand Holding Limited’s subsidiary, the Applicant, will be offered to the public through an initial public offering ("IPO"). As one of the steps in structuring the IPO, it is proposed that the Applicant will acquire 100% of shares in Trade Me Limited. Contemporaneously Fairfax New Zealand Holdings Limited will acquire up to 70% of the shares in the Applicant via an allotment under the IPO (Refer Case 201120035).

The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005.

More informationPip Greenwood
Russell McVeagh (Auckland)
PO Box 8
AUCKLAND