| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 17 October 2011 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100.0% of the shares of Anchorage New Zealand Holdings Limited, the value of the assets of Anchorage New Zealand Holdings Limited and its 25% or more subsidiaries being greater than $100m. |
| Consideration | $107,948,817 |
| Applicant | Tango New Zealand Limited The Blackstone Group LP, United States of America (100.0%) |
| Vendor | Existing shareholders of Anchorage New Zealand Holdings Limited Anchorage Capital Partnership Fund L.P, Australia (92.31%) Business Trustees Limited & Elliott Trustee Company Limited, New Zealand (1.88%) Hunter Corporate Trustee Limited, New Zealand (1.88%) Bluff Hill Trust Limited, New Zealand (1.31%) Jonathan Pinshaw, Australia (1.31%) Michelle Alexander Trustees Limited, New Zealand (1.31%) |
| Background | The Applicant is ultimately owned by one or more funds advised or managed by affiliates of the Blackstone Group L.P. ("Blackstone"), one of the largest independent managers of private capital in the world. The Applicant is acquiring 100% of the shares of Anchorage New Zealand Holdings Limited which owns and operates the Burger King franchise business in New Zealand. Blackstone believes that with its investment experience in the consumer and beverage industry it is well placed to help grow and develop the Burger King business and considers the acquisition is aligned with its regional strategy and industry focus globally. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Andrew Petersen Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 |