| Decision | Consent granted |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 29/1/2020 |
| Pathway(s) | Significant business assets |
| Investment | An overseas investment in significant business assets and sensitive land, being the Applicant's acquisition of up to 100.0% of the shares in QMS Media Limited (QMS), which owns a 40% minority interest in MediaWorks Investments Limited (MediaWorks). The consideration for this transaction exceeds $100 million. QMS, through MediaWorks, has indirect leasehold interests in sensitive land in New Zealand, being:
|
| Asset Value | $441,600,000 |
| Applicant | Shelley Bidco Pty Ltd |
| Vendor | Existing shareholders of QMS Media Limited |
| Background | The Applicant seeks to acquire QMS, an Australian outdoor media company. QMS owns 40% of the shares in MediaWorks, a New Zealand outdoor advertising, radio and television business. MediaWorks holds leasehold interests in several parcels of sensitive land in New Zealand, some of which are used for billboard advertising or radio telecommunications equipment. The OIO assessed the application having regard to the characteristics of the land and the nature of the interest being acquired (reflecting the proportional nature of the benefit test). The Applicant has previous experience investing in New Zealand, and has demonstrated benefit through this previous investment. It intends to make capital available to grow the MediaWorks business. |
| More information | Glenn Shewan |