| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision date | 26 September 2012 |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m, that property being the business assets of Apex Rental Cars Limited, Stephen Jones Motors Limited, Roadtrip Rentals Limited & Deer-Ace Travel Services Limited. |
| Consideration | $107,900,000 |
| Applicant | Avis HoldCo NZ United States Public (49.1%) SRS Investment Management LLC, United States of America (9.43%) Dimensional Fund Advisors, Inc., United States of America (7.45%) Par Capital Management, Inc., United States of America (6.35%) Columbia Wanger Asset Management LLC, United States of America (5.87%) Vanguard Group, Inc., United States of America (5.37%) BlackRock Fund Advisors, United States of America (4.57%) JANA Partners LLC, United States of America (3.7%) Keeley Asset Management Corporation, United States of America (2.9%) Braun von Wyss & Muller AG, Switzerland (2.8%) Fidelity Management & Research, United States of America (2.46%) |
| Vendor | Apex Rental Cars Limited, Stephen Jones Motors Limited, Roadtrip Rentals Limited and Deer-Ace Travel Services Limited Lennon Trust, New Zealand (46.42%) New Zealand Public (25.36%) Berrington/Wen Trust, New Zealand (17.41%) Kerkhofs Trust, New Zealand (10.81%) |
| Background | The Applicant is acquiring assets of the Vendors to complement its existing rental vehicle businesses operating in New Zealand. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | David Hoare Russell McVeagh PO Box 8 AUCKLAND |