| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 23 November 2012 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of TOWER Medical Insurance Limited, the consideration of which exceeds $100m. |
| Consideration | $101,600,000 |
| Applicant | nib holdings limited Australian Public (90.72%) Perpetual Limited, Australia (9.28%) |
| Vendor | TOWER Health & Life Limited Guinness Peat Group PLC, United Kingdom (33.63%) New Zealand Public (6.6%) Various (59.77%) |
| Background | The Applicant is the parent company of nib health funds limited, an Australian heath insurance provider. The purchase of TOWER Medical Insurance Limited complements the Applicant's existing business. The Applicant intends to emerge as a new brand and offer competition in the New Zealand market. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Michael Pollard Simpson Grierson Private Bag 92518 Wellesley Street AUCKLAND |