Decision | Consent granted Sections 12(b) and 13(1)(a) of the Overseas Investment Act 2005 |
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Decision date | 12 November 2013 |
Investment | An overseas investment in sensitive land, being the acquisition of rights or interests in up to 42% of the ordinary shares and the redeemable preference shares issued by Powerco NZ Holdings Limited (“PNZHL” and the “Shares”) which owns or controls:
An overseas investment in significant business assets, being the Applicant's acquisition of the Shares, the outstanding amount of the loan notes issued by PNZHL to Prime Infrastructure Networks (New Zealand) No. 2 Limited (“PINNZ-2”) and the outstanding amount of the loan owed by PNZHL to PINNZ-2, the consideration of which exceeds $100m. |
Consideration | $525,300,000 |
Applicant | AMP Capital Investors Limited (as manager of a consortium of funds) Australian Public (86.21%) New Zealand Public (10.56%) United Kingdom Public (2.77%) Various overseas persons (0.46%) |
Vendor | Prime Infrastructure Networks (New Zealand) Limited and Prime Infrastructure Networks (New Zealand) No. 2 Limited United States Public (76.7945%) Canada Public (22.4406%) Various (0.765%) |
Background | The Applicant has applied for and been granted consent to acquire a 42% interest in the parent company of Powerco Limited (along with related assets). The Applicant supports Powerco Limited’s capital investment plan which provides for substantial investment into the Powerco network over the next 8 years. The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Regulations 2005 |
More information | Silvana Schenone Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |