Overseas investment decision for case 202100730 - BIF IV Alpha Holdings LP

Pacific Equity Partners Secure Assets Fund Entities
Pacific Equity Partners Secure Assets Fund Entities are a fund managed and advised by Pacific Equity Partners Pty Ltd, comprised of entities which are 99.86% overseas owned.

Landis & Gyr Pty Ltd
Landis + Gyr is a widely held company listed on the Swiss stock exchange.

Spark Investment HoldCo Pty Ltd
Landis & Gyr Pty Ltd and Pacific Equity Partners Secure Assets Fund Entities and management shareholders.

BIF IV Alpha Holdings LP is a special purpose vehicle, which was incorporated in Bermuda on 15 December 2021, as the direct acquiring entity of an aggregate 50% interest in Spark Investment HoldCo Pty Ltd through:

• an acquisition of all the shares held by Landis+Gyr Pty Ltd in Spark Investment HoldCo Pty Ltd;
• an acquisition of some of the shares held by the Pacific Equity Partners Secure Assets Fund Entities in Spark Investment HoldCo Pty Ltd; 
• an acquisition of new shares to be issued by Spark Investment HoldCo Pty Ltd; and
• an acquisition of some shares held by management shareholders in Spark Investment HoldCo Pty Ltd.

Following completion of the transaction, the Pacific Equity Partners Secure Assets Fund Entities will together hold approximately 50% of the shares in Spark Investment HoldCo Pty Ltd, and the Applicant will hold approximately 50% (with management having a minor shareholding).

Spark Investment HoldCo Pty Ltd ultimately holds the New Zealand and Australian operation of the Intellihub smart utility infrastructure business.

The Applicant has satisfied the investor test criterion.