| Decision | Consent granted Section 12(1)(b) and Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 01/12/2023 |
| Pathway(s) | Significant Business Assets Sensitive land – Residential land development (one off) |
| Investment | Acquisition of 100% of the shares in NVA Australia Parent Pty Ltd, resulting in acquiring an indirect interest in approximately 0.0158 ha at 61 Farm Street, Mount Maunganui, Tauranga and approximately 0.0142 ha at 3 Percy Road, Papamoa Beach, Tauranga. |
| Consideration | The New Zealand assets are part of a global transaction that have not been allocated a specific value in that transaction. The New Zealand assets have an indicative value of NZ$200 million. |
| Applicant | Morello Bidco Pty Limited United States of America 21% Canada 19% United Kingdom 9% United Arab Emirates 9% China 8% South Korea 5% Various 29% |
| Vendor | National Veterinary Associates, Inc and National Veterinary Associates Holdings, Inc. Europe 59% North America 14% Asia Pacific 10% Middle East 5% Various 12% |
| Background | The Applicant is ultimately owned by a fund that is managed by BPEA EQT, a private equity firm. BPEA EQT is ultimately owned by EQT AB, a Swedish public limited liability company listed on Nasdaq Stockholm. The Applicant is acquiring 100% of the shares in NVA Australia Parent Pty Ltd, a company based in Australia. Through the investment, the Applicant will acquire an interest in sensitive land. The land is currently used, and will continue to be used, to operate veterinary clinics. Consent was granted as the Applicant met the investor test criterion and the investment is likely to result in a non-residential use outcome. |
| More information | Andrew Petersen Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 |