DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
Decision Date19 February 2016
Investment

Ferrovial Services Australia Pty Limited’s acquisition of rights or interests in up to 100% of the shares in Broadspectrum Limited which will result in:

  • an overseas investment in significant business assets as the value of the New Zealand assets of Broadspectrum Limited and its 25% or more subsidiaries is greater than $100m; and
  • an overseas investment in sensitive land, as Broadspectrum Limited or its subsidiaries are likely to own or control:
    • a leasehold interest in approximately:
      • 2.0186 hectares of land at 59 Glenlyon Avenue, Tauranga;
      • 10.2770 hectares of land at Kawakawa;
      • 20.9390 hectares of land at Whangarei;
      • 21.3490 hectares of land at Russell Whakapara Road;
      • 4.0093 hectares of land at Springvale Road, Clyde;
      • 4.3291 hectares of land at SH11, Puketona Road;
      • 6.9530 hectares of land at TCDC Thames Depot, Burke Street, Thames;
      • 0.4250 hectares of land at Pound Street, Coromandel;
      • 34.5247 hectares of land at SH1, Kaikohe; and
    • a freehold interest in approximately 1.0276 hectares of land at Raymond Street, Bunnythorpe.
Asset Value$452,113,000
ApplicantFerrovial Services Australia Pty Limited
Spanish Public (58.136%)
United Kingdom Public (11.43%)
United States Public (11.27%)
Belgium Public (6.21%)
Luxembourg Public (4.96%)
Various overseas persons (7.994%)
VendorExisting shareholders in Broadspectrum Limited
Australian Public (93.98%)
United States Public (6.02%)
Background

Ferrovial Services Australia Pty Limited is a wholly owned subsidiary of Ferrovial S.A., a multinational corporation which operates around the world as an infrastructure operator and municipal service company including as an investor in, and operator of, significant infrastructure such as Heathrow airport.

The Applicant has advised that the Investment is an opportunity for Ferrovial to expand its existing Australian operations in a way that is consistent with its stated strategic international focus.

The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Regulations 2005
28(b) – Key person in a key industry
28(c) – Affect image, trade or international relations

More informationTim Tubman
Chapman Tripp
PO Box 2206
AUCKLAND 1140