| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 14 September 2021 |
| Pathway(s) | Significant business assets only |
| Investment | Acquisition of 100% of the shares in Education Perfect Group Limited |
| Consideration | $435,000,000 |
| Applicant | Highlander III NZ Limited United States of America (19.99%) Hong Kong (13.30%) Australia (12.80%) New Zealand (6.50%) Various overseas owners (47.41%) |
| Vendor | Mulpha Credit Sdn. Bhd, Five V Fund II LP, Five V Bare Nominee Number 2 Pty Ltd, Five V Bare Nominee Number 3 Pty Ltd, Aquarius Trustees Number 990700 Limited and Trevor John Smith and Rosemarie Jean Smith as trustees for Shane Smith LP Family Trust and for Craig Smith LP Family Trust, Education Perfect Limited (as bare trustee on behalf of management shareholders). Malaysia (37.81%) New Zealand (30.82%) Australia (29.24%) Hong Kong (2.12%) |
| Background | The Applicant is a special purpose vehicle incorporated in New Zealand for the purposes of the investment. It is ultimately majority owned by the widely held KKR Global Impact Fund SCSp, and is affiliated with Kohlberg Kravis Roberts & Co L.P. (together with other investment vehicles managed and advised by it (KKR)), a global investment company. The Applicant seeks to acquire 100% of the shares in Education Perfect Group Limited (the Target). The Target operates a complete digital toolkit for teaching and learning for primary and secondary school students. KKR has experience investing in education technology and intends to use its resources to support the Target’s growth in New Zealand and internationally. The Applicant has satisfied the investor test criterion. |
| More information | Matthew Olsen |