DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Decision Date28 March 2017
InvestmentAn overseas investment in sensitive land, being Healthe Care Australia Pty Limited’s (the “Consent Holder”) acquisition of rights or interests in 100.0% of the Ordinary shares of Pulse Health Limited (“Pulse”) which owns or controls a leasehold interest in approximately 0.7268 hectares of land located at 666-672 High Street, Lower Hutt.
Consideration$129,310,646
ApplicantHealthe Care Australia Pty Ltd
Luye Investment Group Co Ltd, China, People's Republic of (98.02%)
Various overseas persons (1.98%)
VendorExisting shareholders of Pulse Health Limited
Australian Public (84.49%)
Various overseas persons (13.56%)
United Kingdom Public (1.34%)
North American Public (0.58%)
European Public (0.03%)
Background

The Consent Holder is currently Australia’s third-largest for-profit private hospital operator. The Consent Holder has recently made a takeover offer for Pulse, a public company listed on the Australian Securities Exchange. Boulcott Hospital forms part of Pulse’s portfolio of businesses. As such, the Consent Holder’s Investment in Boulcott Hospital forms only part of the wider takeover transaction.

Through the Consent Holder’s scale, existing relationships with suppliers and centralised procurement system, it is likely to obtain discounts for Boulcott Hospital, on hospital equipment and consumables.

The overseas investment transaction has satisfied the criteria in section 16 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
17(2)(a)(iv) – Greater efficiency

Overseas Investment Regulations 2005
28(c) – Affect image, trade or international relations

More informationGlenn Shewan
Bell Gully
PO Box 4199
AUCKLAND 1140