Summer services update
| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 16 August 2024 |
| Pathway | Significant business assets |
| Investment | Acquisition of assets held or registered in New Zealand (including trademarks, intellectual property & contracts) owned by Kami Limited |
| Asset value | $289,000,0001 |
| Applicant | Kami Buyer LLC and Kami Holdings Limited United States of America 37% New Zealand 29% United Kingdom 10% United Arab Emirates 5% Luxembourg 5% Germany 4% Denmark 4% Various 6% |
| Vendor | Kami Limited New Zealand 86% Australia 8% United States of America 5% Various 1% |
| Background | The Applicants are companies established in the United States of America and New Zealand by BVIP Fund XI GP LLC (BVIP Fund), specifically for this investment. BVIP Fund is the general partner of multiple funds advised by BV Investment Partners, a private equity firm based in the United States of America. The Applicants are acquiring the assets, leases and employee contracts of Kami Limited. Kami Limited is an educational technology and software company established and based in Auckland. Four of the founders have also re-invested in the Applicants, alongside the BV Investment Partners funds. Consent was granted as the Applicants have met the investor test criterion. |
| More information | Susie Kilty Buddle Findlay (Wellington) PO Box 2694 WELLINGTON 6140 |
1This figure represents the approximate value in NZD of the purchase price of USD175 million as at 19 August 2024. This figure represents the total asset value, ie, including both New Zealand and non-New Zealand assets.