| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 18 December 2018 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of Pacific Health Group TopCo1 Limited, the consideration of which exceeds $100 million. |
| Consideration | $269,000,000 |
| Applicant | Guoco Group Limited Guoline Overseas Limited (71.88%) Elliott Capital Advisors, United States of America (9.01%) First Eagle Investment Management LLC, United States of America (6.98%) Credit Suisse Group, Switzerland (6.12%) Various overseas persons (6.01%) |
| Vendor | Certain overseas investment funds managed and/or advised by Pacific Equity Partners Pty Limited (PEP), an Australian incorporated private equity fund manager, PEP’s affiliates and various New Zealand based senior managers of Manuka Health New Zealand Limited. |
| Background | The Applicant is registered in Bermuda and publicly listed in Hong Kong. It is majority owned by Hong Leong Company (Malaysia) Berhad, a public limited company that is one of the largest conglomerates in South East Asia. The Investment involves the Applicant’s acquisition of the shares in Pacific Health Group TopCo1 Limited. Pacific Health Group TopCo1 Limited is the parent company of Manuka Health New Zealand Limited, a New Zealand company which manufactures and distributes Manuka honey and other Manuka related products. The Applicant intends to engage Pacific Health Group TopCo1 Limited in international market expansion opportunities. The current employees of Manuka Health will be retained for day-to-day running of the business. 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 information | Don Holborow Simpson Grierson PO Box 2402 WELLINGTON |