Applicant
NZ Healthcare Bidco Limited
Case number(s)
202100783
Decision date
Type
Decision
DecisionConsent granted
Section 12(1)(a) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
Section 20A Overseas Investment Act 2005
Decision MakerOverseas Investment Office 
Decision Date23 May 2022
Pathway(s)

Residential land development (Non-residential and Incidental residential use - one-off purchase) and significant business assets.

The Minister of Finance has determined that the Investment is not contrary to New Zealand’s national interest.

Investment

An overseas investment in significant business assets, being the Applicant's acquisition of 100% of the shares in Evolution Healthcare Holdings Limited, the consideration of which exceeds $100m.

An overseas investment in sensitive land, being the acquisition of interests in approximately 0.4474 hectares of residential (but not otherwise sensitive) used for medical purposes.

Consideration for NZ assets$723,000,000
ApplicantNZ Healthcare Bidco Limited
Australia (71%)
South Korea (17%)
NZ (5%)
Various (7%)
VendorExisting shareholders of Evolution Healthcare Holdings Limited
Various overseas persons (100%)
Background

The Applicant is a new entity set up for the purposes of this transaction.

The Applicant is predominantly owned by two Australian based underlying investment fund groups:

  • QIC Group (associated with the Queensland State government) – approximately 42%;
  • Australian Retirement Trust – approximately 40% (along with a further small (less than 5%) interest invested through QIC Group).

The Applicant is seeking consent to acquire all of the shares in healthcare provider Evolution Healthcare Holdings Limited (Target). The Target leases or owns three small residential properties used for medical purposes. The Target is currently overseas owned.

The Applicant was selected as the successful bidder after a competitive process involving multiple interested parties.

The proposed transaction was of national interest due to the involvement of non-NZ government investors.

More informationTessa Baker
Chapman Tripp
PO Box 2206
Auckland 1140

See the attached assessment report linked below, which was published in response to an Official Information Act request:

Consents granted under the Overseas Investment Act 2005 relating to the New Zealand Health Care sector

Last updated

Related files