DecisionConsent Granted
Section 13(1)(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date11 July 2019
InvestmentAn overseas investment in significant business assets, being the acquisition of 100% of the shares in Vodafone New Zealand Limited by a consortium of Brookfield Asset Management Inc. and Infratil Limited through ICN JV Investments Limited and its 100% subsidiary ICN JV Limited, from Vodafone Europe B.V., for a consideration of $3.4 billion, where the value of Vodafone New Zealand exceeds $100 million.
Consideration$3,400,000,000
ApplicantInfratil Limited (“Infratil”), Brookfield Asset Management Inc. (“Brookfield”), ICN JV Limited, and ICN JV Investments Limited 
New Zealand Public (37.43%)
Canadian Public (22.16%)
United States Public (14.05%)
Various overseas persons (4.78%)
Australian Public (3.81%)
China Public (3.46%)
United Kingdom Public (2.93%)
Kuwait Public (2.86%)
South Korean Public (2.32%)
Saudi Arabian Public (2.02%)
United Arab Emirates Public (1.61%)
German Public (1.52%)
French Public (1.05%)
VendorVodafone Europe B.V.
United States Public (37.33%)
United Kingdom Public (33.02%)
Various overseas persons (16.32%)
Swiss Public (3.31%) 
German Public (2.96%)
Norwegian Public (2.95%)
French Public (2.80%)
Canadian Public (1.31%)
Background

Vodafone New Zealand Limited, as an indirect subsidiary of Vodafone Europe B.V. (a Netherlands-incorporated company), is one of New Zealand’s leading telecommunications companies, and it is the New Zealand operating company of the Vodafone group.  

Brookfield is a Canadian registered corporation and a global alternative asset manager, with investments focusing on renewable energy, property, infrastructure and private equity. Infratil is an NZX/ASX listed infrastructure investor that invests in infrastructure assets that provide essential services, including in the energy, transport and social infrastructure sectors. 

The Applicants view the transaction as an opportunity to acquire a high quality asset and secure long-term exposure to extensive fixed and wireless telecommunications infrastructure, and contribute to the next phase of growth in data and connectivity.

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

More informationSusie Kilty/Jessica White
Buddle Findlay 
PO Box 2694
WELLINGTON 6140