| Decision number | 200710019 |
|---|---|
| Application number | 200710006 |
| Date | 12 March 2007 |
| Offeror/applicant | Airline Partners Australia Limited |
| Ultimate applicant beneficial ownership | 35.04 percent - Australia, Allco Equity Partners Limited 22.84 percent - United States of America, TPG Partners V, LP 14.93 percent - Australia, Macquarie Bank Limited 11.07 percent - Australia, Allco Finance Group Limited 9 percent - Canada, Onex Partners II LP 7.12 percent - United States of America, Newbridge Asia IV, LP |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 100 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Qantas Airways Limited 61.84 percent - Australia, Australian Public 28.52 percent - United States of America, United States Public 5.18 percent - United Kingdom, United Kingdom Public 4.46 percent - Various, Various overseas persons |
| Business activities | Transport & Storage -Air Transport |
| Details of land involved | None. |
| Regions involved | Various |
| Total asset value | $148,390,166 |
| Consent sought | To indirectly acquire up to 100 percent of the securities of Jetconnect Limited. This will be a consequence of the Applicant's acquisition of up to 100 percent of Qantas Airways Limited in Australia. |
| 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. Airline Partners Australia Limited (Airline Partners) is an Australian incorporated company controlled by a consortium of experienced investors all of which, or their controlling entity, have longstanding associations with the airline industry. The consortium comprises Allco Equity Partners Limited, Allco Finance Group Limited, Macquarie Bank Limited, TPG Partners V, LP, Newbridge Asia IV, LP and Onex Partners II LP. Airline Partners proposes to acquire 100 percent of the issued capital of Qantas Airways Limited (Qantas), an Australian incorporated company listed on the Australian Stock Exchange through a Board recommended cash takeover under the Corporations Act 2001 (Cwth). Qantas is Australia's largest domestic and international airline. Qantas is registered in New Zealand as an overseas company and undertakes business activities in New Zealand. Qantas owns 100 percent of the shares in Jetconnect Limited (Jetconnect). Jetconnect is the holder of a New Zealand Air Operator's Certificate and owns 100 percent of Qantas Investments (NZ) Limited (QINZL). QINZL holds approximately 4.2 percent of the shares in Air New Zealand Limited. Airline Partners intends to support Qantas in the execution of its existing strategy including growing both the domestic and international business. |
| Contact | James Gibson Bell Gully P O Box 4199 AUCKLAND |