| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 25 March 2025 |
| Pathway | Significant business assets |
| Investment | Acquisition of 100% of the shares in the capital of SG Fleet Group Limited |
| Consideration | $185,000,000 |
| Applicant | Westmann Bidco Pty Limited Canada 19% United States of America 16% Singapore 13% United Arab Emirates 11% Hong Kong 10% Malaysia 5% Various 26% |
| Vendor | SG Fleet Group Limited South África 54% Various 46% |
| Background | The Applicant is owned by funds managed or advised by Australian private equity firm, Pacific Equity Partners Pty Limited. The Applicant is acquiring 100% of shares in the capital of the SG Fleet Group Limited who is an Australian company that leases vehicles fleets and offers fleet management products and services, for $1.3 billion under a scheme of arrangement in Australia. The application was subject to a national interest assessment because there are several other non-New Zealand government investors from Canada who have minority interests in the Applicant. The Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest. Consent was granted as the Applicant has met the investor test criterion. |
| More information | Glenn Shewan Bell Gully PO Box 4199 AUCKLAND 1140 |