| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 26 June 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of Spotless Group Limited which owns or controls a leasehold interest in 2.5304 hectares of land at 1A Carrington Road, Pt Chevalier, Auckland. An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of Spotless Group Limited the value of the assets of which exceeds $100m. |
| Asset Value | The value of the New Zealand assets exceeds NZ$100m. |
| Applicant | Pacific Industrial Services Bidco Pty Limited United States Public (85.3%) Australian Public (13.18%) Various overseas persons (1.52%) |
| Vendor | Spotless Group Limited Australian Public (59%) Various overseas persons (39%) United Kingdom Public (2%) |
| Background | The proposed underlying transaction is the acquisition of the world-wide business of the Spotless Group. The Applicant intends to acquire Spotless Group Limited with a focus on improving the efficiencies and productivity of the business. 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 | Michael Pollard Simpson Grierson Private Bag 92518 Wellesley Street AUCKLAND |