| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 03 August 2021 |
| Pathway(s) | Significant business assets only National Interest assessment |
| Investment | An acquisition of shares to be issued by the Target and shares to be sold by the Vendors, which in aggregate will comprise up to 49.9% of the Target. |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982. |
| Applicant | ICG Kinetic Trust Australia (approximately 82.45%) United States of America (11.14 %) South Korea (3.48%) Canada (2.62 %) Switzerland (0.31%) |
| Vendors | OPSEU Pension Plan Trust Fund, Kinetic TCo Pty Limited (“the Target”) and certain shareholders of the Target Canada (94.65%) Australia (5.35%) |
Background | The Applicant is acquiring up to 49.9% of the shares in the Target. The Target’s subsidiary company acquired Go-Bus in August 2020 after receiving OIO consent (refer to consent 202000169). Go-Bus provides bus and coach transport services in 29 locations around New Zealand. The Target provides public transport services in Victoria, Queensland, New South Wales, Tasmania, South Australia, Northern Territory and New Zealand, including operating SkyBus and Go-Bus services. The Target will continue to be managed day-to-day by its existing management team. The Applicant has satisfied the investor test criterion. The Minister of Finance has determined that the Investment is not contrary to New Zealand’s national interest. |
| More information | Stephen Lowe / Kimberly Wong Wynn Williams PO Box 4341 CHRISTCHURCH 8140 |