| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 11 April 2019 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of MYOB Group Limited, the value of the assets of MYOB Group Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | Approximately $131,000,000 |
| Applicant | ETA Australia Holdings III Pty Ltd Cayman Islands 11.06% China 8.77% Malaysia 5.33% Singapore 11.46% USA 17.93% Various 45.45% |
| Vendor | Existing Shareholders of MYOB Group Limited Australia 32.61% Singapore 19.96% USA 15.58% Canada 9.40% Cayman Islands 7.55% Various 14.9% |
| Background | The Applicant is a special purpose vehicle that is majority controlled by affiliates of the global investment firm Kohlberg Kravis Roberts & Co. L.P. The Investment involves the Applicant’s acquisition of the shares in MYOB Group Limited, a company that provides business management software for accounting practices in Australia and New Zealand. The acquisition will be governed by a Scheme of Arrangement. 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 | Sherryn Harford Mayne Wetherell PO Box 3797 Shortland Street AUCKLAND |