| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 8 March 2016 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100.0% of the shares of Fisher & Paykel Finance Holdings Limited (New Zealand company number 1421862), the consideration of which exceeds $100m. |
| Consideration | $315,000,000 |
| Applicant | FlexiGroup (New Zealand) Limited (New Zealand company number 841057) Australian Public (94.0%) Other Investors, Various (6.0%) |
| Vendor | AF Investments Limited (New Zealand company number 416756) Haier Group Corporation, China, People's Republic of (100.0%) |
| Background | Fisher & Paykel Finance Holdings Limited and its subsidiaries provide credit and insurance products to consumers and businesses in New Zealand, specialising in providing point of sale credit to customers through a variety of finance products (such as “Q Card” and the “Farmers Finance Card”) and also providing on call and term deposits to the public in New Zealand. The Applicant is the New Zealand operating company of FlexiGroup Limited, an Australian listed company that provides various financial products and services including consumer and commercial leasing, mobile and broadband financing, and interest free finance. The Applicant considers that the Investment will strengthen the Applicant’s ability to provide competitive financing solutions to their respective customers and presents an opportunity for FlexiGroup to grow its presence in the New Zealand market, improving geographic and product diversity for its shareholders. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Michael Harrod Mayne Wetherell PO Box 3797 Shortland Street AUCKLAND |
See the attached assessment report linked below, which was published in response to an Official Information Act request:
Overseas Investment Assessment Report relating to FlexiGroup (New Zealand) Limited