| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 18 October 2021 |
| Pathway(s) |
Significant business assets and non-residential use National Interest assessment |
| Investment | 100% of the shares in Provincial Education Group Limited, which holds leasehold interests in three pieces of residential land in New Zealand (176 Napier Road, Havelock North, 252 Fergusson Drive, Upper Hutt and 49A and 49B Spinnaker Drive, Whitby) |
| Consideration | $157,000,000 |
| Applicant | Busy Bees NZ Bidco Limited Canada 62.81% Singapore 25.76% United Kingdom 11.18% Australia 0.25% |
| Vendor |
Andrew Colin Phillipps, Katie Anne Phillipps, Waterman Provincial Limited Partnership and Ascentro Investment Holdings Limited Partnership |
| Background |
The Applicant is a special purpose vehicle incorporated for this transaction. It is associated with the Busy Bees group of companies, which is a global education organisation with a network of more than 750 education locations worldwide. The target is a provider of early childhood education in New Zealand and currently operates a network of 74 early learning centres across New Zealand. It holds 80 leasehold interests in land, with three of these being residential land (but not otherwise sensitive). The Applicant intends to continue operating the target and pieces of land as early childhood centres. The non-residential land use outcome will apply as the land will be used for non-residential purposes in the ordinary course of business for the Applicant’s business. The Minister of Finance has determined that this investment is not contrary to New Zealand’s national interest. |
| More information | Pavanie Edirisuriya DLA Piper New Zealand |