Overseas investment decision for case 200720013 - KKR 2006 Fund LP and New Omaha Holdings LP

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.

Background:
New Omaha Holdings Corporation (New Omaha) has been established by KKR 2006 Fund LP investors (KKR Fund), a United States of America based private equity fund, for the purpose of effecting the acquisition by way of merger of First Data Corporation. First Data Corporation is a corporation established in the United States. It operates two separate businesses in New Zealand being First Data NZ and the Peace Software, and Telecheck.
Upon completion of the merger New Omaha will cease to exist and First Data will continue as the surviving corporation.

Outline of Proposed Investment:
The operations of First Data Corporation will continue to be managed and run by the existing senior executive team in substantially the same way in which those businesses have been run to date.

Rationale of Proposed Investment:
The Applicants intend to undertake a strategic review of the business, to re-focus and improve efficiency in order to maintain and grow profitability. The Applicants believe that continued operation of First Data Corporation and its global businesses and expansion of those businesses will provide a general benefit to the New Zealand economy.