| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 11 October 2017 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of Powerbyproxi Limited, the consideration of which exceeds $100 million. |
| Consideration | Withheld under s(9)(2)(b)(ii) of the Official Information Act |
| Applicant | Apple Inc. United States Public (76.1%) The Vanguard Group, Inc., United States of America (6.33%) BlackRock, Inc, United States of America (6.1%) Japanese Public (3.92%) Various overseas persons (3.67%) United Kingdom Public (1.96%) Canada Public (1.92%) |
| Vendor | Existing shareholders of Powerbyproxi Limited New Zealand Public (74.0775%) TE Connectivity HK Limited, Hong Kong (SAR) (12.35%) Samsung Electronics Co. Ltd, South Korea (10.79%) Eric Frank Tracey, United Kingdom (1.18%) Mark Thomas Jaffray, United Kingdom (0.74%) Australian Public (0.6125%) Wakatipu Enterprises Limited, Virgin Islands, British (0.25%) |
| Background | The Applicant is the world’s largest information technology company by revenue. It and the brands it produces have a long-standing business presence in New Zealand. It has applied for consent to acquire all of the shares in Powerbyproxi Limited, a New Zealand registered company that which designs and develops wireless power technology. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | David Raudkivi Russell McVeagh PO Box 8 AUCKLAND |