Sections 12(a) and 13(1)(c) of the Overseas Investment Act 2005
|Decision date||12 August 2013|
An overseas investment in sensitive land, being the Applicant's acquisition of:
An overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m, that property being all of the assets of the MediaWorks Group (the value of those assets also exceeding $100m).
|Applicant||MediaWorks Finance Limited|
Tokyo Opportunities B.V (Oaktree), United States of America (26.7261%)
The Royal Bank of Scotland plc, United Kingdom (21.9071%)
TPG Markets II SF Pte, Ltd, United States of America (15.6871%)
Westpac Banking Corporation, Australia (14.6064%)
Coöperatieve Centrale Raiffeisen - Boerenleenbank B.A. (Rabobank), Netherlands (14.5892%)
JPMorgan Chase Bank, N.A., London Branch, United States of America (6.4841%)
|Vendor||MediaWorks NZ Limited|
Ironbridge Capital Pty Limited as manager of the Ironbridge Capital Fund II A, Ironbridge Capital Fund II B and Ironbridge Capital International Fund II, Australia (66.9%)
The Royal Bank of Scotland plc, United Kingdom (10.14%)
Entities affiliated with Goldman Sachs, United States of America (9.35%)
Uberior Investments Asia Pty Limited, Australia (5.07%)
National Australia Bank Limited, Australia (5.0%)
The Applicant is ultimately owned by a syndicate of senior financiers to the existing owner of the Mediaworks Group (G R Media Holdings Limited).
The Applicant has been granted consent to acquire all of the assets of the MediaWorks Group which is currently in receivership.
The Applicant proposes to restructure the business of the MediaWorks Group so that its debt is reduced to serviceable levels.
The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors:
Overseas Investment Act 2005
|More information||Michael B Harrod|
PO Box 3797