| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 30 April 2024 |
| Pathway(s) | Significant business assets National Interest assessment |
| Investment | Acquisition of 100% of the shares in Fusion5 Group Holdings Limited |
| Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Fugue NZ Bidco Limited (formerly A.C.N. 673 668 927 NZ Limited) The Applicant is ultimately owned by various pension funds, institutional and other investors, located overseas. |
| Vendor | The shareholders of Fusion5 Group Holdings Limited New Zealand 78% Australia, 14% British Virgin Islands 8% |
| Background | The Applicant, which is a New Zealand registered company, recently incorporated for this transaction, is a subsidiary of funds managed by BGH Capital. With funds focused on investments in Australia and New Zealand, BGH Capital is headquartered in Melbourne, Australia. The target, Fusion5 Group Holdings Limited and its subsidiaries provide IT consulting and managed services, with a focus on the implementation of critical business applications. Consent was granted as the Applicant met the investor test criterion and the Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest. |
| More information | Michael Gartshore Webb Henderson P O Box 105-426 Auckland |