| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 25 May 2016 |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m, that property being the acquisition of the Maui Pipeline and related assets. |
| Consideration | $335,000,000 |
| Applicant | First Gas Holdings Limited Australian Public (63%) Canadian Public (34%) Various overseas persons (3%) |
| Vendor | Maui Development Limited Royal Dutch Shell plc, United Kingdom (84%) OMV Aktiengesellschaft, Austria (10%) The Todd Corporation Limited, New Zealand (6%) |
| Background | The Applicant will acquire the Maui Pipeline and related assets through its 100% subsidiary First Gas Limited. First Gas Limited (formerly known as Vector Gas Limited) currently operates a major North Island gas transmission and distribution network and is a leading provider of pipeline management services to third party pipeline owners. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Andrew Petersen/Glenn Shewan Bell Gully PO Box 4199 AUCKLAND 1140 |