| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Overseas Investment Office |
| Decision date | 3 October 2018 |
| Investment | An overseas investment in significant business assets, the value of which are greater than $100 million, being the Applicant's acquisition of rights or interests in 100% of the shares of APN Outdoor Group Limited an Australian company listed on the Australian Stock Exchange, thereby acquiring 100% ownership of APN Outdoor Holdings (NZ) Limited and APN Outdoor Limited. |
| Asset Value | $130,000,000 |
| Applicant | JCDecaux ANZ Pty Ltd French Public (69.8%) North American Public (14.1%) European Public (9.7%) United Kingdom Public (5.4%) Asian/Pacific Public (1.0%) |
| Target | APN Outdoor Group Limited Australian Public (99.1%) Various Public, Various (0.85%) New Zealand Public (0.04%) Hong Kong Public (0.01%) |
| Background | The Applicant operates an outdoor advertising business in Australia. The Target also operates an outdoor advertising business in Australia as well as in New Zealand via its subsidiaries. The acquisition of the Shares in the Target by the Applicant, which is subject to a scheme of arrangement under the Australian Corporations Act 2001, means it will obtain indirect ownership of the two New Zealand companies referred to above-APN Outdoor Holdings (NZ) Limited and APN Outdoor Limited. 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 | Michael Gartshore Webb Henderson P O Box 105-426 AUCKLAND |