Applicant
Element Financial Corporation
Case number(s)
201520002
Decision date
Type
Decision
DecisionConsent granted
Section 13(1)(a) Overseas Investment Act 2005
Decision Date17 September 2015
InvestmentAn overseas investment in significant business assets, being the Consent Holders’ acquisition of rights or interests in 100% of the issued share capital of Custom Fleet NZ, the consideration for which exceeds $100m.
Consideration$590,000,000
Applicant

Element Financial Corporation
Canada Public (93.03%)
United States Public (4.24%)
Various Public, Various (1.44%)
United Kingdom Public (1.29%)

Vendor

GE Finance and Insurance
General Electric Capital Corporation, United States of America (100.0%)

Background

The transaction is intended to enable the Applicant to expand and enhance the vehicle fleet leasing and fleet management solutions and related service programs that it currently offers to its North American customers.

The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005.

More informationToby Sharpe and Glenn Shewan
Bell Gully
PO Box 4199
AUCKLAND 1140