Decision
| Consent Granted |
|---|---|
Decision Maker | Overseas Investment Office |
Decision Date | 7 June 2018 |
Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares in ASB Group (Life) Limited, the consideration of which exceeds $100 million and the value of the assets exceeds $100 million. |
Consideration | The gross consideration payable for both the Investment and the separate acquisition of rights or interests in 100% of the shares in The Colonial Mutual Life Assurance Society Limited is AUD3,800,000,000 (subject to certain adjustments at completion). |
Applicant | AIA International Limited |
Vendor | Commonwealth Insurance Holdings Limited |
Background | AIA Group Limited, the Applicant’s parent company, is a large life insurance business that operates in the Asia-Pacific region. As part of exiting its New Zealand and Australian life insurance businesses, the Commonwealth Bank of Australia undertook a competitive sales process for which the Applicant was the successful bidder. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
More information | Christopher Goddard |