| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 22 January 2010 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100.0% of the 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. |
| Asset Value | $170,107,313 (as at 31 March 2009) |
| Applicant | Trilogy International New Zealand LLC United States of America (75.13%) Cayman Islands (15.13%) Haiti (6.8%) Various (2.94%) |
| Vendor | Existing shareholders of Two Degrees Mobile Limited other than Trilogy International New Zealand LLC New Zealand (41.5277%) Austria (37.2134%) Ireland (7.359%) Hong Kong (Special Administrative Region) (5.3543%) Liechtenstein (5.3118%) Switzerland (2.6729%) Germany (0.5609%) |
| Background | The Applicant is part of the Trilogy Group of companies which invests in wireless businesses and currently owns 51.51% of the issued share capital of Two Degrees Mobile Limited (Two Degrees). The Applicant intends to acquire further ordinary shares in Two Degrees through participation in proposed pro rata capital raisings from existing shareholders, if such shares become available, and also wishes to have the right to take up available ordinary shares in capital raisings that are not taken up by the shareholders in accordance with their entitlements. This may result in the Applicant increasing its percentage interest in Two Degrees. 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 |