| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 8 October 2019 |
| Pathway | Significant business assets |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of 100% of issued shares in AMP Financial Services Holdings Limited, the consideration of which exceeds $100m. |
| Consideration | $3,000,000,000 |
| Applicant | Resolution Life Australia Pty Ltd Australian Public (30.7999%) Japanese Public (15.944%) United States Public (15.932%) United Kingdom Public (12.0%) Cayman Islands Public (8.136%) Various overseas persons (17.1881%) |
| Vendor | AMP Holdings Limited Australian Public (61.6395%) United States Public (17.86%) Asian Public (5.96%) Various overseas persons (14.5405%) |
| Background | Resolution Life Australia Pty Ltd intends to acquire the mature business (mature portfolio of products comprising annuities and capital guaranteed and market products) and current life insurance product portfolio from the AMP group in New Zealand and Australia. The AMP group is a wealth protection, investment management and wealth management company with operations in Australia and New Zealand. The Resolution group is a global life insurance specialist with operations in the United Kingdom, Bermuda and the United States. 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 | Glenn Shewan Bell Gully PO Box 4199 AUCKLAND 1140 |