| Decision number | 200620078 |
|---|---|
| Application number | 200620085/200620143 |
| Date | 8 December 2006 |
| Offeror/applicant | Nikko Principal Investments Limited |
| Ultimate applicant beneficial ownership | 60.53 percent - Japan, Japanese Public 15.03 percent - United States of America, United States Public 11.2 percent - Various, Various overseas persons 7.6 percent - Canada, Canadian Public 5.64 percent - United Kingdom, United Kingdom Public |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 0 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Hirequip No.1 Limited 100 percent -New Zealand, Hirequip New Zealand Limited |
| Business activities | Property & Business Services -Business |
| Details of land involved | None. |
| Regions involved | Various |
| Total consideration | $166,937,250 |
| Consent sought | To acquire up to 100 percent of the shares of Hire Equipment Group Limited. |
| 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. Nikko Principal Investments Limited (NPIL) proposes to acquire 100 percent of the shares in Hire Equipment Group Limited (HEGL) the holding company for a group of companies that conduct business under the general equipment hire brands "Hirequip", "Projex" and "Power Hire" in New Zealand. The acquisition is part of NPIL's strategy to build a significant private equity business in Australia and New Zealand. |
| Contact | Mark Stuart Minter Ellison PO Box 3798 AUCKLAND |