| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 18 February 2015 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of Fleet NZ Limited, the value of the assets of Fleet NZ Limited and its 25% or more subsidiaries being greater than $100m. |
| Consideration | $69,793,559 |
| Applicant | Fleet Aust Pty Limited Australian Public (36.24%) Sing Glow Investments Pte Limited, Singapore (29.87%) Clantern Holdings NV, Belgium (22.31%) Ironbridge Fund II B, Australia (5.79%) Ironbridge Fund II A, Australia (5.79%) |
| Vendor | Existing shareholders of Fleet NZ Limited Sing Glow Investments Pte Limited, Singapore (43.0%) Clantern Holdings NV, Belgium (32.11%) Ironbridge Fund II B, Australia (8.33%) Ironbridge Fund II A, Australia (8.33%) Australian Public (8.23%) |
| Background | The Applicant wishes to purchase Fleet NZ Limited as part of an internal reorganisation. There is significant overlap between the shareholders of the Applicant and Fleet NZ Limited. Fleet NZ Limited runs a passenger vehicle and light commercial vehicle fleet management business. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Michael Gartshore Webb Henderson P O Box 105426 AUCKLAND 1143 |