| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 31 July 2020 |
| Pathway(s) | Significant Business Assets |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of 100% of the shares in UFF Holdings Limited, and the acquisition or redemption of redeemable convertible preference shares, for which the consideration in each case exceeds $100,000,000. |
| Consideration | $854,000,000 (approximately) for the acquisition of 100% of the shares in UFF Holdings Limited |
| Applicants | First Sentier Funds, First Fibre Midco Limited and First Fibre Bidco NZ Limited Australia (57.01%) Canada (26.73%) Japan (12.13%) Various (4.13%) |
| Vendors | WEL Networks Limited and Waipa Networks Limited New Zealand (100%) |
| Background | First Sentier Funds are institutional investors. First Fibre Bidco NZ Limited is acquiring 100% of the ordinary shares in UFF Holdings Limited from the Vendors. UFF Holdings Limited is the holding company of Ultrafast Fibre Limited. Ultrafast Fibre Limited is responsible for building, maintaining, and operating fibre network in the Waikato, Taranaki, Bay of Plenty, and Manawatu-Whanganui regions. Certain of the Applicants may also undertake financial transactions involving the redemption or acquisition of the redeemable convertible preference shares that will be issued to WEL Networks Limited following the share acquisition above. The Applicants have satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicants have also demonstrated financial commitment to the investment. |
| More information | Andrew Petersen Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 |