| Decision number | 200710044 |
|---|---|
| Application number | 200710019 |
| Date | 2 May 2007 |
| Offeror/applicant | VA Australia Finance Pty Limited |
| Ultimate applicant beneficial ownership | 50 percent - Australia, Pacific Equity Partners Fund III managed by Pacific Equity Partners Pty Limited 50 percent - United States of America, Merrill Lynch & Company Inc |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 99.4 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Existing shareholders in Veda Advantage Limited 78.6 percent - Australia, Australian Public 18.5 percent - Various, Other shareholders outside top 20 2.3 percent - United States of America, United States Public 0.6 percent - New Zealand, New Zealand Public |
| Business activities | Finance & Insurance -Financial Institutions |
| Details of land involved | None. |
| Regions involved | Various |
| Total consideration | $1,074,033,900 |
| Consent sought | To acquire up to 100 percent of the share capital of Veda Advantage Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. Veda provides services that help customers to optimise credit and other financial risk decisions and to better manage risks relating to fraud and identity management. VA Australia Finance Pty Limited is a company incorporated by associates of Pacific Equity Partners Pty Limited (PEP) and Merrill Lynch Global Partners, Inc (Merrill Lynch) set up to acquire significant business assets being up to 100% of the shares of Veda Advantage Limited. As PEP and Merrill Lynch are financial buyers and consider that Veda represents an opportunity to acquire a business with substantial potential, believing Veda's growth prospects are attractive and accordingly Veda is a sound investment for the funds managed by VA Finance. |
| Contact | Susie Kilty Buddle Findlay P O Box 2694 WELLINGTON 6140 |