| 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 | 4 June 2020 |
| Pathways | Sensitive land – benefit to New Zealand Significant business assets |
| Investment | An overseas investment in sensitive land and significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the ordinary shares in Go-Bus Holdings Limited (the consideration for which exceeds $100 million) which owns or controls:
|
| Consideration | $290,000,000 (subject to adjustment) |
| Applicant | Kinetic NZ Holdings Limited OPSEU Pension Plan Trust Fund, Canada (95.0%) Management and directors of Kinetic TCo Pty Limited, Australia (5.0%) |
| Vendor | Go Bus Limited Ngai Tahu Holdings Corporation Limited, New Zealand (66.67%) Te Whakakitenga O Waikato Incorporated, New Zealand (33.33%) |
| Background | Kinetic NZ Holdings Limited (the Applicant) has been granted consent to acquire up to 100% of the shares in Go Bus Holdings Limited (Go-Bus), which has leasehold interests in sensitive land at Silverdale and East Tamaki, Auckland (the Land). The Applicant and its parent company Kinetic TCo Pty Ltd provide transit services in New Zealand and Australia, through its operation of the SkyBus service in Auckland, Melbourne, Hobart and the Gold Coast, as well as other bus and coach services throughout Australia. The Applicant intends to invest in the Go-Bus business with a view to submitting high-quality bids for various New Zealand transport contracts as they come up for renewal. The Applicant also seeks to review the Go-Bus fleet with the aim of introducing more e-buses, which will support New Zealand’s environmental obligations under international agreements as well as under the Climate Change Response (Zero Carbon) Amendment Act 2019. |
| More information | Susie Kilty/Grant Dunn Buddle Findlay PO Box 2694 Wellington 6140 |
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