| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 12 May 2014 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of HiFX Limited (“HiFX”) (the value of the assets of HiFX and its 25% or more subsidiaries being greater than $100m) via the Applicant’s acquisition of up to 100% of the shares in HiFX’s 100% parent EIM (FX) Limited. |
| Consideration | $100,514,654 |
| Applicant | Euronet Worldwide, Inc. Various (60.1%) Waddell & Reed Financial. Inc., United States of America (10.2%) BlackRock, Inc, United States of America (7.6%) RS Investment Management Co. LLC, United States of America (5.8%) Michael Jay Brown, United States of America (5.7%) The Vanguard Group, Inc., United States of America (5.5%) Janus Capital Management LLC, United States of America (5.1%) |
| Vendor | Existing shareholders of EIM (FX) Limited United Kingdom Public (89.62%) New Zealand Public (9.88%) Australian Public (0.5%) |
| Background | Euronet Worldwide. Inc. has entered into a Share Purchase Agreement with the shareholders of EIM (FX) Limited (EIM) and TBK (FM) Limited (both private companies limited by shares) as vendors, for the purchase of the entire issued share capital in those companies. The Applicant will indirectly acquire up to a 100% interest in HiFX through the acquisition of shares in EIM which is the HiFX group holding company and parent of HiFX plc, which is in turn the parent of the New Zealand target company HiFX. HiFX operates the HiFX business in New Zealand, that core business being international payment and foreign exchange services, which will continue after the acquisition. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | David Quigg/Melissa Pengelly Quigg Partners PO Box 3035 Wellington 6140 |