| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 25 February 2022 |
| Pathway(s) | Significant business assets only |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of 100% of the shares in Canopy Healthcare Group Limited (the Target), the value of the assets being greater than $100 million. |
| Asset Value | Withheld under s9(2)(b)(ii) of the Official Information Act 1982. |
| Applicant | ICG Asia Pacific Fund IV SF (No.1) SCSp. Germany (49.97%); United Kingdom (21.43%); Singapore (9.7%); Netherlands (7.28%); South Korea (6.11%); Various (5.51%) |
| Vendor | Waterman Fund 3 LP; Pixel Group Nominee Limited (as bare trustee for various persons) New Zealand (91.61%); British Virgin Islands (6.62%); Various (1.77%) |
| Background | The Applicant is a Luxembourg special limited partnership, and acts as an investment vehicle for its limited partners, ICG Asia Pacific Fund IV SF (No.1) (Main Fund) and Intermediate Capital Group PC (ICG). ICG is one of the largest private corporate debt and equity investors in the world, and since 2001 has been an investor in many other Australian and New Zealand based businesses. The Target is a leading NZ healthcare provider, whose key business divisions are TRG Imaging (a diagnostic imaging services provider in North Island), Auckland Breast Centre (a special breast cancer clinic), and Canopy Cancer Care (a private medical oncology provider). New Zealand resident individuals (predominantly doctors) involved in the management and operation of the Target Group hold a 33.79% interest in the Target. As part of the transaction approximately 51% of the management interest will be rolled over into the post-completion ownership structure. The OIO has determined that none of the factors in section 18A(4) are established and the investor test is met. |
| More information | Matthew Olsen Mayne Wetherell Level 5 Bayleys House 30 Gaunt Street Auckland |
See the attached assessment report linked below, which was published in response to an Official Information Act request: