| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 24 June 2026 |
| Pathways | Significant business assets - Primary consent |
| Investment | Acquisition of up to 100% of the shares and voting rights in Castrol Group Holdings Limited for consideration exceeding $100 million |
| Consideration | $121,200,000 |
| Applicant | Motion JVco Limited Europe 37% North America 40% Asia 6% Various 17% |
| Vendor | BP p.l.c. North America 45% Europe 29% Various 25% |
| Background | The Applicant is a special purpose vehicle established by Stonepeak Partners LP, an American investment firm that specialises in infrastructure and real estate. The Applicant is buying 100% of the shares in global lubricant business Castrol Group Holdings Limited, which indirectly owns New Zealand subsidiary Castrol New Zealand Limited. This application was subject to a national interest assessment because, as a result of the Investment, a non-New Zealand government investor from Canada may have a more than 25% interest in an owner of the Applicant. Consent was granted as the national interest test was met. |
| More information | Glenn Shewan Bell Gully (Auckland) PO Box 4199 Auckland 1140 |