| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 21 June 2021 |
| Pathway(s) | Significant business assets National Interest assessment |
| Investment | Acquisition (via merger) in 100% of the shares in GCL Investment Management Inc. |
| Consideration | $100,192,000 |
| Applicant | Imola Acquisition Corporation United States (37.38%) Middle East (21.59%) Netherlands (7.86%) Switzerland (5.05%) Various (28.12%) |
| Vendor | Tianjin Tianhai Logistics Investment Management Co., Ltd. China (100%) |
| Background | The Applicant is controlled by funds that are managed by Platinum Equity Group. Platinum Equity Group specialises in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of businesses, including information technology, telecommunications, logistics, metal services, manufacturing and distribution. GCL Investment Management Inc. (the Target) is an investment management company for the HNA Group. The Target wholly owns Ingram Micro, Inc., a leading provider in technology distribution, cloud solutions and e-commerce supply chain services. 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. The Minister of Finance has determined that the Investment is not contrary to New Zealand’s national interest. |
| More information | Glenn Shewan Bell Gully (Auckland) PO Box 4199 Auckland 1140 |