| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 26 May 2021 |
| Pathway(s) | Significant business assets only |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of rights or interests in up to 100% of the shares of Asaleo Care Limited (Australia) (ABN 61 154 461 300/ ACN 154 461 300) |
| Consideration | Approximately $222 million (being the value of New Zealand assets as at 31 December 2019 in a wider upstream acquisition). |
| Applicant | Essity Holding Company Australia Pty Ltd Sweden (48%); United States of America (18%); United Kingdom (13%); Luxembourg (6%); Belgium (3%), Various (12%); |
| Vendor | Existing shareholders of Asaleo Care Limited Australia (57%); Sweden (17%); United Kingdom (12%); United States (7%); Various (7%); |
| Background | The Applicant is a wholly owned subsidiary of Essity Aktiebolag (publ) (“Essity”) a Swedish based global provider of personal care and hygiene products. This transaction is part of a wider upstream transaction where Essity is acquiring up to 100% of the shares of Asaleo Care Limited in Australia (“Asaleo AU”). Asaleo AU is also a large-scale provider of personal care and hygiene products with operations in Australia, New Zealand, Fiji and other Pacific Islands. Essity has an existing approximately 36% ownership of Asaleo AU, but now wishes to acquire up to 100% of the shares in Asaleo AU. 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 | Silvana Schenone Minter Ellison Rudd Watts (Auckland) PO Box 3798 AUCKLAND 1140 |