DecisionConsent granted 
Section 13(1)(a) Overseas Investment Act 2005
Decision Date28 April 2017
Investment

SKY Network Television Limited’s acquisition of rights or interests in up to 100% of the shares of Vodafone New Zealand Limited (the “Acquisition”).

Vodafone Europe B.V.’s acquisition of rights or interests in 51% of the shares of SKY Network Television Limited (the “Subscription”).

Vodafone Europe B.V.’s acquisition of a temporary increase in its interest in the shares of SKY Network Television Limited in circumstances that comply with the Takeovers Code (Class Exemptions) Notice No 2 2001. 

Consideration$3,440,000,000
ACQUISITION 
ApplicantSky Network Television Limited
New Zealand Public (21.17%)
United States Public (20.85%)
Blackrock Inc. (12.29%)
Perpetual Investment Management Ltd, Australia (14.28%)
Australian Public (20.44%)
Various overseas persons (10.97%)
VendorVodafone Europe B.V.
United Kingdom Public (40.92%)
United States Public (32.23%)
Various overseas persons (26.85%)
SUBSCRIPTION 
ApplicantVodafone Europe B.V.
United Kingdom Public (40.92%)
United States Public (32.23%)
Various overseas persons (26.85%)
VendorSky Network Television Limited
New Zealand Public (21.17%)
United States Public (20.85%)
Blackrock Inc. (12.29%)
Perpetual Investment Management Ltd, Australia (14.28%)
Australian Public (20.44%)
Various overseas persons (10.97%)
Background

Sky Network Television Limited (“SKY”) is a provider of pay-TV services to its subscriber base, mainly via satellite. Vodafone New Zealand Limited (“Vodafone NZ”) provides broadband, mobile and fixed-line telecommunications services to both private and commercial customers.

The Applicants sought consent to give effect to a merger of Vodafone NZ and SKY for the purpose of building on the complementary capabilities of Vodafone NZ and SKY to create an integrated telecommunications and media platform in New Zealand.

Vodafone Europe B.V. has also been granted consent to temporarily increase and decrease its shareholding in SKY Network Television Limited where:

  • the increase is small;
  • it is for a temporary period of time; and
  • Vodafone Europe B.V. does not exercise any additional voting rights it obtains through its temporarily increased ownership interest.
The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. 
More information

Susie Kilty
Buddle Findlay
PO Box 2694
WELLINGTON 6140

Andrew Petersen
Bell Gully
PO Box 4199
AUCKLAND 1140