| Decision | Consent granted Section 12(1)(a) and Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 12 March 2026 |
| Pathways | Sensitive land – Benefit test Significant business assets National interest assessment |
| Investment | Acquisition of up to 100% of the shares in Kinetic TCo Pty Ltd which gives freehold and leasehold interests in a total of approximately 1.735 hectares of sensitive land. |
| Consideration | $900,000,000 |
| Applicant | Koala Bidco, Pty. Ltd American Region 42% Middle East 36% Europe 10% Asia 12% |
| Vendor | Kinetic TCo Pty Ltd Australia 50% Canada 50% |
| Background | The Applicant is ultimately owned by funds managed and/or advised by TPG Inc., a private equity firm based in the United States. The Applicant is acquiring 100% of the shares in Kinetic TCo Pty Ltd which will give it freehold and leasehold interests in approximately 1.735 hectares of sensitive land. The Applicant is intending to make capital investments that will support the Vendor to transition to a zero-emission, fully electric fleet of buses. The main benefits to New Zealand are likely to be economic and environmental and will advance certain government policy. Consent was granted as the Applicant has met the investor test criterion and the investment is likely to benefit to New Zealand. This application was subject to a national interest assessment because non-New Zealand government investors from the United States and Saudi Arabia hold a more than 25% indirect interest in the Applicant. The Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest. |
| More information | Glenn Shewan Bell Gully PO Box 4199 Auckland 1140 |