| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 13 March 2020 |
| Pathway(s) | Residential land (non-residential use) Significant business assets |
| Investment | An overseas investment in sensitive land, being the acquisition of rights or interests in 100% of the shares of Abano Healthcare Group Limited which owns or controls a leasehold interest in approximately 0.5 hectares of land used for dental premises. An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of Abano Healthcare Group Limited, the consideration of which exceeds $100m. |
| Consideration | $149,808,756 |
| Applicant | Adams NZ Bidco Limited a New Zealand incorporated company (company number 7807717) that is owned by various pension funds, institutional and other investors located outside of New Zealand 2719970 Ontario Limited Canada (100%) |
| Vendor | Existing shareholders of Abano Healthcare Group Limited New Zealand Public (93.9%) Various overseas persons (3.1%) Australian Public (3.0%) |
| Background | The joint applicants represent two investment groups (the Australian BGH Group and the Canadian OTPP Group). The overseas investment comprises a targeted takeover of a New Zealand company. The joint applicants have applied for consent for Adams NZ Bidco to acquire up to 100% of the fully paid ordinary shares in New Zealand incorporated Abano Healthcare Group Limited (Target), along with a related post-acquisition parental entity share restructure. The Target is listed on the NZX and is the owner of one of the largest dental groups in Australia and New Zealand. It operates through two brands (“Lumino The Dentists” in New Zealand and “Maven Dental Group” in Australia) and engages over 2,300 people across more than 239 dental practices. The proposed acquisition was announced through the NZX in November 2019. The proposed investment also requires approval from the High Court, the Australian Foreign Investment Review Board, and the Target’s shareholders. |
| More information | Glenn Shewan Bell Gully PO Box 4199 AUCKLAND 1140 |
See the attached assessment report linked below, which was published in response to an Official Information Act request: