| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 22 September 2016 |
| Investment |
An overseas investment in significant business assets, being NZME Holdings Limited’s acquisition of rights or interests in 100% of the Securities of Fairfax New Zealand Limited, the consideration of which exceeds $100 million (“Acquisition”); and An overseas investment in significant business assets, being Fairfax Corporation Pty Limited’s acquisition by share subscription of rights or interests in up to 50% of the securities of NZME Limited, the value of the assets of NZME Limited and its 25% or more subsidiaries being greater than $100 million (“Subscription”). |
| Acquisition Asset Value | $371,000,000 |
| Acquisition Applicant | NZME Limited Australian Public (99.29%) New Zealand Public (0.57%) Irish Public (0.12%) United Kingdom Public (0.02%) |
| Acquisition Vendor | Fairfax Corporation Pty Limited Australian Public (62.19%) Various Public, Various (10.86%) United States Public (9.45%) United Kingdom Public (11.99%) European Public (2.66%) Asian Public (2.28%) New Zealand Public (0.57%) |
| Subscription Asset Value | $486,800,000 |
| Subscription Applicant | Fairfax Corporation Pty Limited Australian Public (62.19%) Various Public, Various (10.86%) United States Public (9.45%) United Kingdom Public (11.99%) European Public (2.66%) Asian Public (2.28%) New Zealand Public (0.57%) |
| Subscription Vendor | NZME Limited Australian Public (99.29%) New Zealand Public (0.57%) Irish Public (0.12%) United Kingdom Public (0.02%) |
| Background |
NZME Limited is a media and entertainment business in New Zealand. Fairfax Corporation Pty Limited is a subsidiary of Fairfax Media Limited. The Fairfax Group is one of the largest publishing and digital media businesses in Australia and New Zealand. The Applicants have sought consent to give effect to a merger of NZME Limited and Fairfax New Zealand Limited, the New Zealand arm of the Fairfax Group. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information |
Rachel Dunne Pip Greenwood |