| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision date | 23 June 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of a leasehold interest in 1.3900 hectares of land at Nelson Airport, Nelson. |
| Consideration | $160,000,000 |
| Applicant | Canadian Helicopters Limited Canada Public (60.2%) Fonds de Solidarite, Canada (20.2%) Goodman & Company Investment Counsel Limited, Canada (15.6%) United States Public (2.0%) Various overseas persons (1.3%) Luxembourg Public (0.5%) German Public (0.1%) United Kingdom Public (0.1%) |
| Vendor | Helicopters (N.Z.) Limited South Canterbury Finance Limited (In Receivership), New Zealand (100.0%) |
| Background | The Applicant is the one of the largest helicopter transport services companies in the world based on the size of its fleet. It currently operates in the USA, Canada and Afghanistan. Helicopters New Zealand Limited ("HNZ") operates in the same industry as the Applicant in the southern hemisphere, specifically in New Zealand, Australia and Asia. By acquiring HNZ, the Applicant will be able to grow its business in New Zealand, Australia and Asia and will enable the Applicant and HNZ to become more competitive. The acquisition of the business in the southern hemisphere will provide counter-seasonal revenue and render the Applicant's business much more competitive in the global market. 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 | Cathy Quinn Minter Ellison Rudd Watts (Auckland) PO Box 3798 AUCKLAND 1140 |