| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 26 November 2009 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 74.81% of the Ordinary shares of Two Degrees Mobile Limited, the value of the assets of Two Degrees Mobile Limited and its 25% or more subsidiaries being greater than $100m. |
| Consideration | $170,107,313 (as at 31 March 2009) |
| Applicant | Tesbrit B.V. Austria (70.058%) Ireland (13.854%) Liechtenstein (10.0%) Switzerland (5.032%) Germany (1.056%) |
| Vendor | Existing Shareholders of Two Degrees Mobile Limited other than Tesbrit B.V. United States of America (69.3818%) New Zealand (27.1214%) Hong Kong (Special Administrative Region) (3.4968%) |
| Background | The Applicant currently owns 25.19% of the issued capital of Two Degrees Mobile Limited (Two Degrees). The Applicant intends to acquire further ordinary shares in Two Degrees, through participation in future capital raisings by Two Degrees, which may result in the Applicant increasing its percentage interest in Two Degrees. Two Degrees has recently launched a third mobile network and is now offering mobile phone services throughout New Zealand. The Applicant's investment in Two Degrees provides crucial capital to build the network, fund subscriber acquisition activities, and assist with operation costs whilst the company is in start-up phase. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Kate Helem Harmos Horton Lusk PO Box 28 Shortland Street AUCKLAND |