| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 2 November 2011 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 70.0% of the shares of Trade Me Group Limited, the value of the assets of Trade Me Group Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | Exceeds $100 million |
| Applicant | Fairfax New Zealand Holdings Limited Fairfax Media Limited, Australia (100.0%) |
| Background | In 2006, the Applicant acquired 100% of the ordinary shares in Trade Me Limited. It is now proposed that 30-34% of the shares in the Applicant’s subsidiary, Trade Me Group Limited, will be offered to the public through an initial public offering ("IPO"). As one of the steps in structuring the IPO, it is proposed that the Applicant will transfer the shares in Trade Me Limited to Trade Me Group Limited (Refer Case 201120063) and contemporaneously acquire 66-70% of Trade Me Group Limited's shares via an allotment under the IPO. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Pip Greenwood Russell McVeagh (Auckland) PO Box 8 AUCKLAND |