| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 8 July 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 60.0% of the shares of Global Voyager Holdings Pty Limited, Aus SHG Holdco and Aus STS Holdco (being holding companies of the Stella Group of companies) and each of the companies referred to in Schedule Two of the application letter which own or control:
An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 60.0% of the shares of Global Voyager Holdings Pty Limited, Aus SHG Holdco and Aus STS Holdco (being holding companies of the Stella Group of companies) and each of the companies referred to in Schedule Two of the application letter, the consideration of which exceeds $100m. |
| Consideration | In excess of $100,000,000 |
| Applicant | UBS Australia Holdings Limited Switzerland (90.0%) Various (10.0%) |
| Vendor | Existing Shareholders of Global Voyager Holdings Pty Limited other than CVC Funds Australia (100.0%) |
| Background | The Stella Group is a hospitality and travel group with operations in Australia, New Zealand, South Africa and the United Kingdom. The Stella Group's hospitality businesses in Australasia are operated under the Breakfree, Mantra, Peppers and Saville brands and the Protea Hotels and African Pride brands in Africa. Stella Travel Services operates under the Harvey World Travel, Travelscene American Express, Holiday Shoppe, United Travel, Travel Bag and Global brand names. As part of the restructuring UBS Australia Holdings Limited will become a shareholder in each of the three Australian holding companies (Global Voyager Holdings, Aus SHG Holdco Pty Limited and Aus STS Holdco) (Australian Holdcos). The final ownership structure and percentages are yet to be determined, UBS Australia Holdings Limited will initially hold a minority stake in each of the three Australian Holdcos but has sought consent to hold up to 60 percent in each of those companies. The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Regulations 2005 |
| More information | Sacha Judd Buddle Findlay (Auckland) PO Box 1433 AUCKLAND 1140 |