DecisionConsent granted
Section 13(1)(a) Overseas Investment Act 2005
Decision Date30 June 2017
InvestmentAn overseas investment in significant business assets, being the Applicant's acquisition of up to 49.9% of the rights and interests in all the securities of Two Degrees Mobile Limited in one or more transactions, the value of the assets of Two Degrees Mobile Limited and its 25% or more subsidiaries being greater than $100m.
Asset Value$551,596,000
ApplicantTesbrit B.V.
Austria (65.43%)
Switzerland (20.82%)
Canada (7.62%)
Belgium (3.69%)
Luxembourg (1.57%)
Germany (0.87%)
VendorExisting Shareholders of Two Degrees Mobile Limited
United States of America (29.33%)
Austria (17.35%)
Canada (17.08%)
Netherlands (13.31%)
Cayman Islands (6.84%)
Switzerland (5.52%)
New Zealand (5.5%)
Various overseas persons (3.4%)
United Kingdom (1.67%)
Background

The Applicant owns 26.51% of the issued capital of Two Degrees Mobile Limited (Two Degrees) as at 30 March 2017.

The Applicant advises that as a minority shareholder in Two Degrees, the Applicant does not control if and when investment opportunities, to subscribe in further shares in Two Degrees, may arise. Similarly, the timing of any proposed sale by a Two Degrees shareholder of its shares to a third party, triggering pre-emptive rights over those shares in favour of existing shareholders, including the Applicant, is outside the control of the Applicant.

As such, the Applicant wishes to have the flexibility to acquire up to 49.9% of the rights and interests in all the securities of Two Degrees as such opportunities may arise from time to time.

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

More informationDaniel Wong
Flacks & Wong
PO Box 591
Auckland 1140