Overseas investment decision for case 201420089 - LS Holdco Pty Ltd | Toitū Te Whenua

Applicant: LS Holdco Pty Ltd
Case number(s): 201420089
Decision date: 9 Mar 2015
Type: Decision

Decision	Consent granted Section 13(1)(c) Overseas Investment Act 2005
Decision date	9 March 2015
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 being: (i) contractual arrangements between Visionstream Pty Limited and Chorus New Zealand Limited (“Chorus”) for services regarding Chorus telecommunications infrastructure networks (such as build work, network maintenance and ultra-fast broadband deployment); (ii) Visionstream Pty Limited’s subcontract to Leighton Contractors Pty Limited of some of the above services; (iii) contractual arrangement between Leighton Contractors Pty Limited and Wellington City Council for road maintenance services (such as resurfacing, fencing, vegetation control and street cleaning); (iv) contractual arrangements between Leighton Contractors Pty Limited and Wellington Gateway Partnership No. 2 LP (among others) in relation to construction and maintenance services for the Transmission Gully PPP project; and (v) assets relating to the performance of the contracts and subcontract listed in items (i) to (iv) above, (together, “the Investment”).
Consideration	$211,000,000
	LS Holdco Pty Ltd Leighton Holdings Limited (50% shareholding) 100% Australian publicly listed company, 69.6% held by a German publicly listed company. AIF VIII Singapore Pte Limited (50% shareholding) Managed by an affiliate of Apollo Global Management LLC, United States of America (100%)
Vendor	Existing shareholders of Leighton Holdings Limited 100% Australian publicly listed company, 69.6% held by a German publicly listed company.
Background	The Applicant is a joint venture between Leighton Holdings Limited and AIF VIII Singapore Pte Limited. Leighton Holdings Limited is currently undertaking a strategic review of its group businesses. The above Investment relates to a transaction that involves the Applicant’s acquisition of Leighton Contractors Services business and Thiess Services business. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005.
More information	James Hawes Simpson Grierson Private Bag 92518 Auckland Michael Gartshore Webb Henderson P O Box 105426 AUCKLAND

Last updated: 8 Jun 2018

Back to top