| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 19 November 2021 |
| Pathway(s) | Significant business assets only |
| Investment | 100% of the shares of Afterpay NZ Limited |
| Consideration | $41,000,000,000 |
| Applicant | Lanai (AU) 2 Pty Ltd United States of America (64.24%) Various (29.01%) Japan (2.51%) United Kingdom (2.27%) Germany (1.97%) |
| Vendor | The shareholders of Afterpay Limited |
| Background | The Applicant is a subsidiary of American company Square, Inc. The Applicant is acquiring 100% of the shares in the Australian company Afterpay Limited by scheme of arrangement under Part 5.1 of the Corporations Act (Australia). Under the scheme of arrangement, Afterpay Limited shareholders will be given shares in Square, Inc in exchange for their Afterpay Limited shares. The transaction will also have the result of Square, Inc acquiring the New Zealand subsidiary Afterpay NZ Limited. Afterpay Limited is a financial technology company which owns the intellectual property in a digital payment platform known as AfterPay. Merchants using AfterPay can make sales to their customers on a ‘buy now pay later’ basis. Afterpay NZ Limited operates the AfterPay platform in New Zealand. The acquisition of Afterpay Limited would allow Square, Inc to combine the parties' complementary businesses in order to accelerate their growth. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are suitable persons to invest in New Zealand. |
| More information | Ian Beaumont Russell McVeagh (Auckland) PO Box 8 Auckland 1140 |