Applicant
Fleet NZ Limited
Case number(s)
200820026
Decision date
Type
Decision
Decision number200820026
Application number200810097
Date2 September 2008
Offeror/applicantFleet NZ Limited
Ultimate applicant beneficial ownership43.11 percent - Singapore, Singapore Public
32.19 percent - Belgium, Belgium Public
24.05 percent - Australia, Australian Public
0.65 percent - New Zealand, New Zealand Public
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current100 percent
- Share proposed99.35 percent
Offeree(s)/seller(s)Existing shareholders in Pacific Leasing Solutions (NZ) Limited
92.28 percent - United States of America, Citigroup Inc.
7.31 percent - Australia, Australian Public
0.41 percent - New Zealand, New Zealand Public
Business activitiesProperty & Business Services - Business
Details of land involvedNone
Regions involvedVarious
Total considerationCONFIDENTIAL
Consent soughtTo acquire up to 100 percent of the shares of Pacific Leasing Solutions (NZ) 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.

Background to the Investment:
Tasman Capital Partners Pty Limited (Tasman Capital), Ironbridge Capital Pty Limited (Ironbridge) and GIC Special Investments Private Limited (together the Investors) propose to acquire 100 percent of the shares in Pacific Leasing Solutions (NZ) Limited, the holding company of the FleetPartners business in New Zealand.

Outline of the Investment:
The Investors have incorporated a wholly-owned subsidiary (Fleet NZ Limited) for the purpose of completing the proposed transaction.

Rationale for the Investment:
The acquisition of Pacific Leasing Solutions (NZ) Limited fits well with the Investors' investment criteria. The Investors intend to use reasonable leverage to fund the business operations and future growth of the business.

ContactMark Stuart
Minter Ellison
PO Box 3798
AUCKLAND