| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 8 November 2021 |
| Pathway(s) | Significant business assets only |
| Investment | Acquisition of 100% of the shares in Coretex Limited (Target) |
| Consideration | $188,250,000 |
| Applicant | EROAD Financial Services Limited 100% owned by EROAD Limited (EROAD). EROAD’s shareholding as at 24 September 2021: New Zealand (49.5%); Australia (40.6%); Various (9.9%). |
| Vendor | The Shareholders of Coretex Limited New Zealand (85.5%); United States of America (9.5%); Various (5%) |
| Background | The Applicant is a NZ company wholly owned by EROAD. EROAD is listed on both the New Zealand and the Australia Stock Exchanges. EROAD provides telematics solutions for commercial fleet vehicles. The Applicant is seeking consent to acquire 100% of the Target’s shares. While the Target also provides telematics solutions, it focuses on specialised telematics needs of customers in the refrigeration, construction and waste management sectors. The transaction will allow EROAD and the Target to combine their complementary technologies, development teams and platforms. The Applicant has satisfied the investor test criterion. |
| More information | Simon Peart Chapman Tripp (Wellington) PO Box 993 Wellington 6140 |