DecisionConsent Granted
Section 13(1)(a) Overseas Investment Act 2005
Decision Date5 August 2016
InvestmentAn overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 49% of the total issued shares of Partners Group Holdings Limited, to be completed in up to four transactions by 31 January 2019.
Consideration$200,000,000
ApplicantImmortality Pte Ltd and Immortality ESC Ltd
United States Public (65.07%)
Cayman Islands Public (11.04%)
Various overseas persons (23.89%)
Background

The Applicant is an investment vehicle for funds managed by The Blackstone Group LP.

Partners Group Holdings Limited (“PGHL”) is the holding company of a financial services group that specialises in providing life insurance and medical insurance in New Zealand, as well as income protection, disability insurance, trauma cover and business risk protection (“the Target Group”).

The Investment consists of making an equity investment in PGHL by the Applicant through the subscription of up to 49% of the total issued shares in PGHL.

The Investment is to be made in up to four transactions over 30 months.

Since its formation in August 2010, the Target Group has grown rapidly. The Investment is intended to raise equity capital to enable the continued growth of the Target Group.

Blackstone is attracted to the Target Group because of its fast-growing life insurance business, highly experienced management team, best-in-class products, and highly efficient and scalable business model.

Blackstone is a global investment and advisory firm with a number of offices and investments in the Asia Pacific region and the Investment is aligned with Blackstone’s regional strategy and industry focus globally.

The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005.

More informationAnna Buchly
Bell Gully
PO Box 4199
AUCKLAND 1140