Overseas investment decision for case 201310007 - NZ Holdings (2012) Limited

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the share capital of Barra Topco II Ltd which indirectly owns or controls:

• a freehold interest in approximately 356 hectares located at various locations around New Zealand being the sites of various refuse transfer stations, landfills and waste management related utilities: and
• a leasehold interest in approximately 406 hectares located at various locations around New Zealand being the sites of various refuse transfer stations, landfills and waste management related utilities.

An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the share capital of Barra Topco II Ltd, the consideration of which, and the value of the assets of which, exceeds $100m.

Barra Topco II Limited is the ultimate holding company of Enviro Waste Services Limited, New Zealand’s second largest waste management company. The investment will further extend the Applicant’s geographical presence in New Zealand and is in line with its corporate initiatives to invest in environmental and land-related projects.

The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(ii) – New technology or business skills
17(2)(a)(iv) – Greater productivity, efficiencies and enhanced domestic services

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(b) – Key person in a key industry
28(c) – Affect image, trade or international relations
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(i) – Promote economic interests