DecisionConsent granted
Section 13(1)(a) Overseas Investment Act 2005
Decision makerOverseas Investment Office
Decision date7 November 2018
InvestmentAn overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares in Rockgas Limited from the Vendor, the consideration for which exceeds $100m.
Consideration$250,333,000
ApplicantGas Services NZ Midco Limited
Australian Public (54.0%)
Canada Public (40.0%)
Japanese Public (5.0%)
United States Public (1.0%)
VendorContact Energy Limited
New Zealand Public (54.4%)
Australian Public (18.5%)
United States Public (13.7%)
Various overseas persons (8.3%)
United Kingdom Public (5.1%)
Background

Rockgas Limited is New Zealand’s largest liquefied petroleum gas (LPG) retailer, with its business in broad categories of LPG supply and distribution to over 84,000 New Zealand customers through its network.

The Applicant is a member of the First Gas Group which operates the North Island gas transmission network and certain gas distribution networks.

Following the Investment, the Applicant will continue to supply LPG to existing New Zealand customers through the Rockgas Limited’s distribution network.

The disposal of Rockgas Limited will enable the Vendor to focus on its core business (being generation and customer businesses), create value for shareholders, and retain value for “duel fuel” (energy and LPG) customers through a long term marketing alliance arrangement with the Applicant.

The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment.

More informationJohn Strowger
Chapman Tripp
PO Box 2206
AUCKLAND 1140