| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 14 October 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant’s, or Staples AMS, Inc.’s, acquisition of rights or interests in 100% of the shares of Office Depot, Inc., which owns or controls:
An overseas investment in significant business assets, being the Applicant's, or Staples AMS, Inc.’s, acquisition of rights or interests in 100% of the shares of Office Depot, Inc., where the value of the New Zealand assets of Office Depot, Inc. and its 25% or more subsidiaries is greater than $100m. |
| Asset Value | $232,424,000 |
| Applicant | Staples, Inc. United States Public (81.11%) The Vanguard Group, Inc., United States of America (7.65%) BlackRock, Inc, United States of America (5.9%) FMR LLC, United States of America (5.33%) Canadian Public (0.01%) |
| Vendor | Existing shareholders of Office Depot, Inc. United States Public (63.81%) Starboard Value LP (and related entities), United States of America (9.9%) AllianceBernstein LP, United States of America (8.6%) BlackRock Institutional Trust Company, N.A., United States of America (7.0%) The Vanguard Group, Inc., United States of America (5.83%) Various overseas persons (4.86%) |
| Background | The Investment is part of an international transaction, involving Staples, Inc. acquiring Office Depot, Inc. for approximately US$6.3 billion. Staples, Inc. considers that the complementary nature of the two organisations gives an opportunity to realise significant synergies and savings while investing in key growth priorities. The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | David Hoare Russell McVeagh PO Box 8 AUCKLAND |