| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 22 February 2022 |
| Pathway(s) | Significant business assets only |
| Investment | 100% of shares in Hamilton Radiology Ltd (HRL) and in Midland MRI Ltd (MML) |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | I-MED New Zealand Bidco Limited A company ultimately owned by overseas investment funds advised by Permira, a global private equity firm founded in Europe; a limited partnership from Guernsey; and certain I-MED Group senior management and specialist radiologists from Australia. |
| Vendor | Shareholders of Hamilton Radiology Limited (HRL) and of Midland MRI Limited (MML) New Zealand (100%) |
| Background | The Applicant is a NZ company incorporated for the purpose of this investment. It is part of I-MED Group, Australia’s leading diagnostic imaging group that offers services such as x-rays, ultrasounds, CT scan MRI, and nuclear medicine. The Applicant has been granted consent to acquire 100% of the shares in HRL and MML (collectively, the Target). The Target, along with their subsidiaries, provide medical imaging services including x-ray, computer tomography (CT) scan, magnetic resonance imaging (MRI), ultrasound, fluoroscopy, digital mammography, and bone density. The Target provides services mainly in Hamilton, Tauranga and Rotorua. I-MED Group believes that this investment will help achieve its vision of becoming the most respected and trusted medical imaging specialists in the world. It sees significant opportunities combining its diagnostic imaging platforms in Australia and New Zealand, including having a platform for knowledge sharing and driving clinical excellence across both businesses. The combined business would make I-MED Group the leading employer of radiologists in the Australasian region. The Applicant has satisfied the investor test and national interest test criteria. |
| More information | Lance Jones Russell McVeagh (Auckland) PO Box 8 Auckland 1140 |
See the attached assessment report linked below, which was published in response to an Official Information Act request: