| Decision | Consent Granted Section 13(1)(a) and (c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 6 April 2018 |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of up to 100% of the shares in Grinding Gear Games Limited and property in New Zealand used in carrying out business in New Zealand for consideration that exceeds $100 million. |
| Consideration | Withheld under s9(2)(a) and s9(2)(b)(ii) of the Official Information Act |
| Applicant | Tencent Mobility Limited Hong Kong Investors (approximately 66.82%) British Virgin Islands Investors (approximately 33.17%) Various overseas Investors (approximately 0.01%) |
| Vendor | The shareholders of Grinding Gear Games Limited New Zealand Public (65.78%) United States Public (34.22%) |
| Background | Tencent Mobility Limited is an online communication, advertising, and gaming service provider based in China. Tencent Mobility Limited has been granted consent to acquire up to 100% of the shares in Grinding Gear Games Limited – 80% upfront and, over approximately 6 years, the remaining 20%. Grinding Gear Games Limited is an independent video game developer, based in Auckland, which is best known for creating the “Path of Exile” online video game. The shareholders of Grinding Gear Games Limited wish to realise the value of their investment and to allow the company to grow, by utilising the international connections of Tencent Mobility Limited. Tencent Mobility Limited has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. Tencent Mobility Limited has also demonstrated financial commitment to the investment. |
| More information | David J Quigg Quigg Partners PO Box 3035 WELLINGTON 6140 |