| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 2 December 2010 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100.0% of the shares of NHC Group Pty Limited, the value of the New Zealand assets of NHC Group Pty Limited and its 25% or more subsidiaries being greater than $100m. |
| Consideration | $151,731,861 |
| Applicant | Amplifon Australia Pty Ltd Amplifin SpA, Italy (57.549%) Various overseas persons (20.24%) Italian Public (11.891%) United Kingdom Public (5.0%) United States Public (3.31%) French Public (2.01%) |
| Vendor | Existing Shareholders of NHC Group Pty Limited Australian Public (97.5%) New Zealand Public (2.5%) |
| Background | The Applicant is a company ultimately wholly-owned by Amplifon S.p.A. (Amplifon), an Italian company involved in the distribution and personalised fitting of hearing aids in 15 different countries. NHC Group Pty Limited (NHC) operates 101 audiology clinics throughout Australia. National Hearing Care (New Zealand) Limited is a wholly owned subsidiary of NHC, which operates 78 audiology clinics throughout New Zealand offering a full range of hearing screening, diagnostic testing and rehabilitation services under the National Hearing and Bay Audiology brands. Amplifon intends to continue NHC's operations in the same form as presently conducted, and will use NHC as business base for further expansion into Asia. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | David Quigg Quigg Partners PO Box 3035 WELLINGTON 6140 |