| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 27 February 2024 |
| Pathway(s) | Significant business assets National interest assessment |
| Investment | Acquisition of up to 60% of the shares in MediaWorks Investments Limited. |
| Consideration | Withheld under s.9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Shelley Newco 2 Pty Ltd Australia 51% United States of America 19%, Cayman Islands 14% United Arab Emirates 8% Various 8% |
| Vendor | MediaWorks Investments Limited Various 100% |
| Background | The Applicant is owned by funds managed by an Australian private equity firm. The Applicant currently owns 40% of the New Zealand business of MediaWorks, which conducts commercial radio broadcasting and outdoor advertising. The Applicant seeks consent to acquire up to 60% of the shares in MediaWorks Investments Limited, the ultimate holding company of MediaWorks’ business in New Zealand. Consent was granted as the Applicant met the investor test criterion and the Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest. |
| More information | Glenn Shewan Bell Gully Level 22, Vero Centre 48 Shortland Street Auckland 1010 |
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