| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Overseas Investment Office |
| Decision date | 30 November 2018 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the ordinary shares in Tait International Limited, initially via a 40% acquisition with the option to acquire the remaining 60% at a future date, the value of the assets of Tait International Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | Exceeding $100m |
| Applicant | JVC KENWOOD Corporation Japanese Public (59.1%) United States Public (23.9%) United Kingdom Public (10.0%) European Public (6.0%) Asian/Pacific Public (0.9%) Canada Public (0.1%) |
| Vendor | Tait Limited The Tait Foundation, New Zealand (99.992%) Tait Contel Charitable Trust, New Zealand (0.008%) |
| Background | Being a wholly owned subsidiary of Tait Limited, Tait International Limited is a New Zealand based radio communications company specialising in voice and data radio technologies, with approximately 95% of products manufactured in Christchurch. The Applicant is a publicly listed company in Japan. It manufactures and sells a range of electronic products for the Automotive Sector (e.g. car navigation systems), the Public Service Sector (e.g. products for police and fire fighters) and the Media Service Sector (e.g. video cameras). The Applicant and Tait International have highly complementary product ranges. Post-Investment, the Applicant and Tait International intend to collaborate by leveraging both companies' technologies, expertise and product ranges to enable them both to expand. 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. |
| More information | Susie Kilty Buddle Findlay PO Box 2694 WELLINGTON 6140 |