Overseas investment decision for case 200620025 - First Data New Zealand Limited

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.

First Data New Zealand Limited (FDNZ), a wholly owned subsidiary of First Data Corporation (First Data) proposes to acquire the business of Peace Software International Limited (Peace) by way of an amalgamation under Part XIII of the Companies Act 1993. Peace operates a business in New Zealand and elsewhere focused on development and servicing of utility billing and payment software.

First Data is an electronic commerce and payment processing company based in the United States of America and is listed on the New York Stock Exchange. In New Zealand First Data operates through subsidiaries TeleCheck Payment Systems Limited, Western Union Financial Services Australia Pty Limited, Paysys International Pty Limited and Western Union Network (Ireland) Limited. The proposed transaction will allow First Data to expand its geographic and customer base particularly in the public utilities industry.