| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 15 December 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100.0% of the issued equity securities of Vision Senior Living Limited which owns or controls:
An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100.0% of the issued equity securities of Vision Senior Living Limited, the value of the assets of Vision Senior Living Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | Greater than $100,000,000 |
| Applicant | Goldman Sachs JBWere (NZ) Private Equity Limited and Goldman Sachs JBWere PIA (Management) Pty Limited (as manager and delegated manager of Goldman Sachs JBWere Trans Tasman Private Equity Fund 07 and Hauraki Private Equity No.2 Fund) and associates New Zealand (69.47%) Australia (19.55%) Various (10.98%) |
| Vendor | Existing shareholders of Vision Senior Living Limited other than the Applicant and/or Vision Senior Living Limited New Zealand (100.0%) |
| Background | The Applicant currently controls, in aggregate, 55.23% of the shares in Vision Senior Living (Vision), comprising 35.53% of Vision held by entities associated with the Trans Tasman Private Equity Fund 07 and 19.7% of Vision held by entities associated with Hauraki Private Equity No.2 Fund. The injection of additional capital by the Applicant will provide a part of the further equity capital sought by Vision and the Applicant’s participation in Vision’s capital raising will maintain the Applicant's strategic majority position. Shareholders (or Vision) may also subsequently acquire shares under arrangements agreed in connection with the capital raising. Accordingly, and to preserve future flexibility to inject further capital the Applicant has sought consent. The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Warwick Williams Garth Sinclair |