| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 6 April 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of Vector Gas Limited which owns or controls a freehold interest in approximately:
An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of Vector Gas Limited, the consideration of which exceeds $100m. |
| Consideration | $952,500,000 |
| Applicant | First Gas Holdings Limited Australian Public (63%) Canadian Public (34%) Various (3%) |
| Vendor | NGC Holdings Limited New Zealand Public (98%) Various (2%) |
| Background | The Applicant intends to grow the Vector Gas Limited business with a focus on increasing the resilience of the gas transmission network and delivery of increased gas network access for customers. In particular, the Applicant intends to invest significant resources into growing residential and commercial gas connections on its non-Auckland gas distribution network, increasing competition for the benefit of energy users. 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 | Andrew Petersen/Glenn Shewan Bell Gully PO Box 4199 AUCKLAND 1140 |