| 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 100.0% of the shares of Trade Me Limited, the value of the assets of Trade Me Limited and its 25% or more subsidiaries being greater than $100m. |
| Consideration | To be advised |
| Applicant | Trade Me Group Limited Fairfax Media Limited, Australia (70.0%) Persons who may be overseas persons, Various (30.0%) |
| Vendor | Fairfax New Zealand Holdings Limited Fairfax Media Limited, Australia (100.0%) |
| Background | In 2006, Fairfax New Zealand Holdings Limited acquired 100% of the ordinary shares in Trade Me Limited. It is now proposed that 30-34% of the shares in Fairfax New Zealand Holding Limited’s subsidiary, the Applicant, 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 acquire 100% of shares in Trade Me Limited. Contemporaneously Fairfax New Zealand Holdings Limited will acquire up to 70% of the shares in the Applicant via an allotment under the IPO (Refer Case 201120035). 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 |