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Applicant
Nikko Principal Investments Limited
Case number(s)
200620078
Decision date
Type
Decision
Decision number200620078
Application number200620085/200620143
Date8 December 2006
Offeror/applicantNikko Principal Investments Limited
Ultimate applicant beneficial ownership60.53 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 currentN/A
- Asset proposedN/A
- Share current0 percent
- Share proposed100 percent
Offeree(s)/seller(s)Hirequip No.1 Limited 100 percent -New Zealand, Hirequip New Zealand Limited
Business activitiesProperty & Business Services -Business
Details of land involvedNone.
Regions involvedVarious
Total consideration$166,937,250
Consent soughtTo 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.

ContactMark Stuart
Minter Ellison
PO Box 3798
AUCKLAND