| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Overseas Investment Office |
| Decision date | 31 October 2018 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of Paymark Limited, the consideration of which exceeds $100m. |
| Consideration | $190,000,000 |
| Applicant | Ingenico Group S.A. European Public (25.92%) French Public (25.11%) Various overseas persons (23.05%) North American Public (14.58%) United Kingdom Public (11.34%) |
| Vendors | Westpac NZ Operations Limited Australian Public (76.1%) Various overseas persons (21.9%) New Zealand Public (2%) ANZ Bank New Zealand Limited Australian Public (72.89%) United States Investors, United States of America (12.19%) Various overseas persons (8.67%) United Kingdom Investors, United Kingdom (4.55%) Singapore Investors, Singapore (1.7%) ASB Bank Limited Australian Public (98.74%) Various overseas persons (0.82%) New Zealand Investors, New Zealand (0.44%) BNZ Investments Limited Australian Public (29.3%) Various overseas persons (69.2%) New Zealand Investors, New Zealand (1.5%) |
| Background | The Applicant is acquiring shares in Paymark Limited. Paymark Limited is a provider of card present electronic transaction infrastructure and services in New Zealand. The Applicant advises it has over 35 years of experience providing payment solutions and provides one of the world’s largest payment acceptance networks (with over 30 million terminals installed globally). As a global payment systems operator, the services and solutions it provides includes those of the type provided by Paymark. 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 | Tim Tubman / Joshua Pringle Chapman Tripp PO Box 2206 AUCKLAND 1140 |