Section 12(1)(b) Overseas Investment Act 2005 (the Act)
Section 13(1)(a) of the Act
|Decision Maker||Toitū Te Whenua LINZ|
|Decision Date||22 July 2022|
|Pathway(s)||Benefit to New Zealand and Significant Business Asset
National Interest assessment
|Investment||Acquisition of up to 100% of the shares in NZB Holdco Limited (NZ Bus)|
|Asset Value||Withheld under s9(2)(b)(ii) of the Official Information Act 1982|
|Applicant||Kinetic NZ Holdings Limited
United States of America 5.5%
South Korea 1.9%
|Vendor||Shareholders of NZB Holdco Limited
Cayman Islands 23.5%
United Kingdom 15.6%
New Zealand 6.4%
United States of America 4.3%
Channel Islands 3.7%
The Applicant, along with its parent company and its subsidiaries, provides ‘people moving’ transit services in New Zealand and Australia. It owns:
The Applicant has been granted consent to acquire up to 100% of the shares in NZ Bus. NZ Bus is New Zealand’s largest metro bus operator with operations in the key population hubs of Auckland, Wellington and Tauranga. It operates a fleet of 800 buses from 14 depots and employs approximately 1,300 people. It leases depots around New Zealand, of which three comprise interests considered sensitive land under the Act.
The Investment is likely to result in the creation of new permanent jobs (driver positions), additional investment for development purposes, benefits to the natural environment, continued or enhanced protection of historic heritage (for one of the depots), and advance significant government policies. It also met the national interest test.
The Applicant has satisfied the investor test. The Minister of Finance has decided that the investment is not contrary to New Zealand national interests.
|More information||Tessa Baker
Chapman Tripp (Auckland)
PO Box 2206