| Decision
| Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 19 March 2019 |
| Investment | An overseas investment in significant business assets and sensitive land, being the Applicant's acquisition of rights or interests in 100% of the units in EHPO Trust, the consideration of which exceeds $100m. |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act |
| Applicant | Pacific Healthcare BidCo Limited (New Zealand company number 6939393) which is wholly owned by certain overseas investment funds managed and/or advised by Pacific Equity Partners Pty Limited (PEP), an Australian incorporated private equity fund manager, and PEP’s affiliates. |
| Vendor | Existing unit holders in EHPO Trust Australian Public (60.1%) United States Public (39.5%) New Zealand Public (0.4%) |
| Background | The newly created Applicant company seeks consent to acquire all of the units in the EHPO Trust. The EHPO Trust holds the beneficial interest in all of the shares in Evolution Healthcare (NZ) Pty Ltd (“Evolution”). Evolution is the shareholder of two New Zealand companies. The assets of those companies and their subsidiaries include interests in the Bowen, Wakefield, Royston and Grace private hospitals; and 18 Proactive Rehab clinics across the North Island. There are existing OIO consent conditions in place requiring Evolution to develop the Wakefield and Royston hospitals, and to introduce oncology and rehabilitation services to Wellington. The Applicant will honour these existing conditions. The Applicant will be introducing NZD$10 million in additional capital investment into New Zealand over the next five years. The Applicant intends to use this new capital to undertake additional developments in the healthcare area and will assess where it can most productively be spent. |
| More information | David Hoare Russell McVeagh PO Box 8 AUCKLAND |