| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 11 June 2014 |
| Investment | An overseas investment in significant business assets, being the acquisition by the Applicant or its directly or indirectly 100% owned subsidiaries and affiliates of rights or interests in up to 100% of the shares of Wesfarmers Broking (NZ) Limited, the consideration of which exceeds $100m. |
| Consideration | $481,842,890 |
| Applicant | Arthur J. Gallagher & Co. United States Investors, United States of America (75.31%) BlackRock, Inc, United States of America (8.0%) Capital Group International, Inc., United States of America (5.7%) United Kingdom Investors, United Kingdom (5.47%) The Vanguard Group, Inc., United States of America (5.4%) Netherlands Public, Netherlands (0.12%) |
| Vendor | Wesfarmers Insurance Investment Pty Limited Australian Investors, Australia (73.1%) United States Investors, United States of America (8.2%) United Kingdom Investors, United Kingdom (5.0%) Commonwealth Bank of Australia, Australia (5.0%) Various overseas persons (4.8%) Hong Kong Investors, Hong Kong (SAR) (2.4%) Singapore Investors, Singapore (1.5%) |
| Background | The Applicant is a large international service provider of property and casualty insurance, and employee benefit and risk management services. The proposed acquisition is likely to enhance its geographic presence and service capabilities and broaden and further diversify its business mix. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Michael Gartshore Webb Henderson PO Box 105426 AUCKLAND |