Overseas investment decision for case 202300039 - Falcon LP

Consent granted
Section 13(1)(a) Overseas Investment Act 2005
Section 20A(1)(b) Overseas Investment Act 2005

Falcon LP
Canada (96.3%)
Guernsey (3.6%)

The Applicant is an indirect shareholder of the FNZ group of companies (the FNZ Group).  The FNZ Group operates a financial services business that provides investment platform solutions to major financial institutions.  FNZ Group Limited, a New Zealand incorporated company, is the holding company of the FNZ Group.  

Certain shareholders of the FNZ Group are undertaking a restructure of their shareholdings in the FNZ Group.  As part of the restructure, the Applicant, Falcon NewCo Limited and certain other parties have entered into an agreement under which Falcon NewCo Limited has agreed not to exercise certain rights it holds in relation to FNZ Group Limited without the prior written consent of the Applicant.  This amounts to the Applicant acquiring a control interest of 25% or more in Falcon NewCo Limited.  

Consent has been granted to the Applicant to acquire this control interest.  
The decision was subject to a national interest assessment as the Applicant is a non-New Zealand government investor. This is because a relevant government investor from the provincial government of Québec, Canada will have a more than 25% control interest in sensitive assets in New Zealand.  

Consent was granted as the Applicant met the investor test criterion and the Minister of Finance has decided the investment is not contrary to New Zealand’s national interest.

Glenn Shewan
Bell Gully
PO Box 4199
Auckland 1140