Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Overseas Investment Office |
| Decision date | 31 August 2018 |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of property in New Zealand used in carrying on business in New Zealand for consideration exceeding $100m. |
Consideration | $190,000,000 (approximately) |
Applicant | GSNZ SPV1 Limited Australian Public (54%) Canadian Public (40%) Japan (5%) Various overseas persons (1%) |
| Vendor | Contact Energy Limited New Zealand Public (54%) Australian Public (18%) United States Public (14%) United Kingdom Public (5%) Various overseas persons (9%) |
Background | The Ahuroa Gas Storage Facility (AGSF) was acquired and developed by the Vendor over the period from 2008 to 2011 as a facility used for the underground storage of gas. The Applicant is a member of the First Gas Group. First Gas Group operates the North Island gas transmission and certain gas distribution networks, and the Maui gas pipeline. The Applicant has entered an agreement to purchase the AGSF and associated assets from Contact Energy Limited (CEL). CEL will retain long term rights and interests in the AGSF and associated assets (for an initial term of 15 years with rights of renewal) in order to meet its future needs. 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 | John Strowger Chapman Tripp PO Box 993 WELLINGTON 6140 |