| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 11 March 2020 |
| Pathway | Significant business assets |
| Investment | An overseas investment in significant business assets, being the Applicant’s acquisition of 100% of the shares in Dairyworks Limited |
| Consideration | $112 million (subject to adjustment in accordance with the Share Sale Agreement) |
| Applicant | Synlait Milk Limited People's Republic of China 39.04% New Zealand 35.06% Australia 17.40% United States 4.83% Hong Kong 1.02% Various 2.65% |
| Vendor | Margaret Elizabeth Cross, Peter David Cross, and Bruce Robertson Irvine as Trustees of the GPS Trust New Zealand (100%) |
| Background | The Applicant is a company that produces a variety of dairy products, including fresh milk, milk powders, and nutritional products. The Investment involves the acquisition of Dairyworks Limited, which (along with its subsidiaries) has developed a range of well-known packaged dairy products including cheese, butter, and milk powder brands (Dairyworks, Alpine and Rolling Meadow) as well as ice cream (Deep South). The Investment will allow the Applicant to continue diversifying its business and to service the retail and food service sectors of the domestic market. 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 | Annelies McClure Anthony Harper PO Box 2646 AUCKLAND 1140 |