| ecision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 19 July 2011 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to a further 49.78% of the shares of VA Australia Holdings Pty Limited, the consideration of which exceeds $100m. |
| Consideration | CONFIDENTIAL |
| Applicant | Pacific Equity Partners Pty Limited on behalf of a group of private equity funds managed and advised by the Applicant (the “PEP Funds”) PEP Fund III PEP Fund IV |
| Vendor | Merrill Lynch Global Partners Inc United States Public (77.69%) Singapore Government, Singapore (9.02%) State Street Bank and Trust Company, United States of America (7.81%) Axa Financial Inc, France (5.48%) |
| Background | The PEP Funds currently own a 49.74% interest in VA Australia Holdings Pty Limited (VA), which ultimately owns and controls the New Zealand business assets of Veda Advantage. Veda Advantage carries on business providing credit assessment services. The Applicant believes that the New Zealand businesses of Veda Advantage have the potential to grow. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Sacha Judd Buddle Findlay PO Box 1433 AUCKLAND 1140 |