| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 21 August 2014 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Tower Life (N.Z.) Limited, the value of the assets of Tower Life (N.Z.) Limited and its 25% or more subsidiaries being greater than $100 million. |
| Consideration | $36,000,000 |
| Applicant | Foundation Life (NZ) Holdings Limited Instanz Nominees Pty Ltd, Australia (37.714%) Mercantile Investment Company Ltd, Australia (13.571%) Ariadne Australia Limited, Australia (13.571%) CVC Limited, Australia (10.857%) Jagen Pty Limited, Australia (10.857%) Keybridge Capital Limited, Australia (10.857%) Various overseas persons (2.573%) |
| Vendor | Tower Insurance Limited New Zealand Public (91.75%) Various overseas persons (8.25%) |
| Background | Foundation Life (NZ) Holdings Limited (Foundation Life), via a wholly owned subsidiary, wishes to purchase Tower Life (N.Z.) Limited (Tower Life), which manages life insurance portfolios which are no longer being actively marketed. Foundation Life intends to focus on creating further value for the remaining policy holders in Tower Life’s insurance portfolio. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Tim Williams Chapman Tripp PO Box 2206 AUCKLAND 1140 |