| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 3 February 2022 |
| Pathway(s) | Significant business assets only |
| Investment | Acquisition of AMP Holdings Limited’s shareholding in Resolution Life NOHC Pty Ltd, being 522,997,704 issued shares in Resolution Life NOHC Pty Ltd. |
| Consideration | Approximately $548,352,270 |
| Applicant | Resolution Life Finance (Bermuda) Ltd Australia (37.42%) United States of America (17.33%) Japan (13.12%) Various regions (32.13%) |
| Vendor | AMP Holdings Limited Australia (100%) |
| Background | The Applicant is part of the Resolution Life Group that has held a majority interest in Resolution Life Australasia’s New Zealand and Australian Business since the initial acquisition was completed in June 2020. Resolution Life NOHC Pty Ltd sits within the Resolution Life Group, and indirectly owns 100% of Resolution Life Australasia Limited, which operates a branch in New Zealand and is New Zealand's fourth largest life insurer. Resolution Life NOHC Pty Ltd is ~19.134% owned by the AMP Group. The transaction involves the acquisition of AMP Holdings Limited’s shareholding in Resolution Life NOHC Pty Ltd, being 522,997,704 issued shares in Resolution Life NOHC Pty Ltd. As a result of the transaction, the Resolution Life Group will acquire the remaining ~19.134% shareholding in Resolution Life NOHC Pty Ltd (and therefore its interest in Resolution Life Australasia Limited) that is currently held by the AMP Holdings Limited as a member of the AMP Group. This will take Resolution Life Group’s interest in Resolution Life Australasia Limited to 100%. The Applicant has satisfied the investor test criterion. |
| More information | Glenn Shewan Bell Gully PO Box 4199 Auckland 1140 |