| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 30 June 2017 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of up to 49.9% of the rights and interests in all the securities of Two Degrees Mobile Limited in one or more transactions, the value of the assets of Two Degrees Mobile Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | $551,596,000 |
| Applicant | Tesbrit B.V. Austria (65.43%) Switzerland (20.82%) Canada (7.62%) Belgium (3.69%) Luxembourg (1.57%) Germany (0.87%) |
| Vendor | Existing Shareholders of Two Degrees Mobile Limited United States of America (29.33%) Austria (17.35%) Canada (17.08%) Netherlands (13.31%) Cayman Islands (6.84%) Switzerland (5.52%) New Zealand (5.5%) Various overseas persons (3.4%) United Kingdom (1.67%) |
| Background | The Applicant owns 26.51% of the issued capital of Two Degrees Mobile Limited (Two Degrees) as at 30 March 2017. The Applicant advises that as a minority shareholder in Two Degrees, the Applicant does not control if and when investment opportunities, to subscribe in further shares in Two Degrees, may arise. Similarly, the timing of any proposed sale by a Two Degrees shareholder of its shares to a third party, triggering pre-emptive rights over those shares in favour of existing shareholders, including the Applicant, is outside the control of the Applicant. As such, the Applicant wishes to have the flexibility to acquire up to 49.9% of the rights and interests in all the securities of Two Degrees as such opportunities may arise from time to time. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Daniel Wong Flacks & Wong PO Box 591 Auckland 1140 |