| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 26 August 2020 |
| Pathway(s) | Significant business assets – Investor test |
| Investment | An overseas investment in significant business assets, being the acquisition of 100% of the securities in Travelex Financial Services NZ Limited and the New Zealand branch of Travelex Card Services Limited, the assets of which exceed $100m. |
| Consideration | Part of a global transaction involving $163,400,000 consideration and a $637,350,000 debt write-down. |
| Applicant | Travelex Acquisitionco Ltd; Travelex Topco Ltd; and funds affiliated with Baring Asset Management Limited, Baring International Investment Limited and/or Barings (U.K.) Limited Various Public, Various (55.3%) Irish Public (13.7%) Cayman Islands Public (13.3%) Luxembourg Public (9.1%) United States Public (3.1%) Netherlands Public (3.0%) China Public (2.5%) |
| Vendor | Travelex Limited Indian Public (65.66%) Various Public, Various (34.34%) |
| Background | The Travelex Group is a group of companies involved in foreign currency exchange. Travelex kiosks are a familiar sight at many international airports. This is part of a larger global investment by certain of the creditors of the Travelex Group which will allow certain of the operations of the Travelex Group to continue to trade. Travelex’s business in international payments, foreign currency exchange, issuing prepaid credit cards for use by travellers and global remittances has been adversely affected by the COVID-19 pandemic. 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 | Matthew Olsen PO Box 3797 Auckland |