| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 28 February 2022 |
| Pathway(s) | Significant business assets only |
| Investment | Acquisition of 100% of the shares in StraitNZ Holdings Limited |
| Asset Value | $510,000,000 |
| Applicant |
Burgundy BidCo Limited |
| Vendor | CPEC 8 Holdings Pte. Ltd; Perpetual Trustee Company Limited; Macquarie Corporate Holdings Pty Limited; Essential ShipCo 1 Pty Limited; Essential ShipCo 2 Pty Limited; Essential ShipCo 3 Pty Limited; Essential ShipCo 4 Pty Limited; Essential ShipCo 5 Pty Limited; and various New Zealand based individuals. Various overseas persons (90.03%) New Zealand (9.97%) |
| Background |
The Applicant was incorporated in New Zealand on 10 December 2021 for the purposes of the proposed transaction, which is for the acquisition by the Applicant of 100% of the issued share capital of StraitNZ Holdings Limited from the Vendors. The StraitNZ Holdings Limited and its subsidiaries provide one of New Zealand's largest transport and logistics networks. They operate an integrated transport chain around the country, comprising of road transport and freight forwarding businesses, and Bluebridge Cook Strait Ferries' freight and passenger services. For completeness, under the terms of the acquisition, the proposed transaction is also conditional on approval being obtained from the counterparty to the facilities agreement in respect of the wharf and terminal facilities at the Port of Wellington occupied and used by StraitNZ Holdings Limited and its subsidiaries. The Overseas Investment Office is satisfied the investor test has been met. |
| More information | John Strowger Chapman Tripp (Auckland) PO Box 2206 Auckland 1140 |