Section 13(1)(c) Overseas Investment Act 2005
|Decision Maker||Toitū Te Whenua LINZ|
|Decision Date||25 July 2022|
|Pathway(s)||Significant business assets only
National Interest assessment
|Investment||Up to 50% of the shares in Spark Investment Holdco Pty Ltd|
|Asset Value||Withheld under s9(2)(b)(ii) of the Official Information Act 1982|
|Applicant||PEP Smart Metering Fund
A fund managed and advised by Pacific Equity Partners Pty Ltd, comprised of entities which are 100% overseas owned.
|Vendor||Pacific Equity Partners Secure Assets Fund I, L.P. and PEP Green Metering Coinvestment, L.P. and their parallel funds
A fund managed and advised by Pacific Equity Partners Pty Ltd, comprised of entities which are 99.97% overseas owned.
The Intellihub Group (Intellihub) is an Australian and New Zealand based smart utility infrastructure provider, that delivers innovative metering and data solutions for digital and new energy services. Intellihub is jointly owned by funds managed and advised by Australian private markets fund manager, Pacific Equity Partners Pty Ltd (PEP) and an entity (BIF IV Alpha Holdings LP) managed and advised by Canadian alternative asset manager, Brookfield (each holding an approximately 50% interest in Intellihub).
Intellihub’s New Zealand operation is run through Intellihub Limited. This entity is ultimately owned by Intellihub holding company, Spark Investment Holdco Pty Ltd (Spark Holdco).
The transaction involves the sale of up to 50% of the shares in Spark Holdco to PEP Smart Metering Fund, an investment fund managed and advised by PEP (Applicant).
The Applicant is applying to acquire the shares in Spark Holdco from another PEP investment fund, PEP SAF Funds (Vendor).
This transaction is occurring to allow investors in the Vendor to realise a return on their investment, while simultaneously bringing in new investment, through the Applicant. This is aiding in the next stage of growth for Intellihub.
The Overseas Investment Office is satisfied the Investor Test has been met.
The Minister of Finance has determined that the Investment is not contrary to New Zealand’s national interest.
|More information||Andrew Petersen
Bell Gully (Auckland)
Level 21, Vero Centre
48 Shortland Street