| Decision number | 200710037 |
|---|---|
| Application number | 200710021 |
| Date | 12 April 2007 |
| Offeror/applicant | YPG Finance Limited |
| Ultimate applicant beneficial ownership | 57.5 percent - Canada, Canadian Public 21.5 percent - United States of America, United States Public 9.5 percent - Various, Various overseas persons 8 percent - Various, European Public 3 percent - Japan, Japanese Public 0.5 percent - Australia, Australian Public |
| Beneficial overseas ownership | |
| - Asset current | 70.92 percent |
| - Asset proposed | 100 percent |
| - Share current | 70.92 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Telecom Directories Holdings Limited and Telecom IP Limited 33.09 percent - United States of America, United States Public 29.08 percent - New Zealand, New Zealand Public 20.05 percent - Australia, Australian Public 9.02 percent - United Kingdom, United Kingdom Public 8.76 percent - Various, Persons who may be "overseas persons" |
| Business activities | Communication Services - Telecommunications |
| Details of land involved | None. |
| Regions involved | Auckland |
| Total consideration | $2.165 billion |
| Consent sought | To acquire rights and interests in up to 100 percent of the securities of Yellow Pages Group Limited and certain trade marks and domain names used by (but not currently owned by) Yellow Pages Group Limited and its subsidiary. |
| 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. The investing funds, together with CCMP Asia and OTPP are referred to collectively as the Consortium. The Consortium believes that YPG represents an attractive opportunity to acquire a unique business with substantial growth potential. The Consortium has identified YPG as an acquisition where the careful use of leverage in the capital structure, supported by a clear strategy for improving the business, will combine to provide an attractive investment for the Consortium's managed funds. The members of the Consortium have access to highly experienced directors and will ensure that the Applicant is able to provide high level strategic advice and access to capital resources which the Consortium believes will enable YPG to successfully implement management's growth strategies. |
| Contact | Susie Kilty Buddle Findlay P O Box 2694 WELLINGTON |