| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 24 May 2024 |
| Pathway(s) | Significant business assets |
| Investment | Acquisition of up to 100% of the shares in Task Group Holdings Limited |
| Consideration | $375,000,000 |
| Applicant | PAR Global Australia Pty Ltd United States of America 90% Ukraine 5% Various 5% |
| Vendor | Task Group Holding Ltd Australia 73% New Zealand 21% United States of America 5% Various 1% |
| Background | The Applicant is a company ultimately owned by PAR Technology Corporation, which is listed on the New York Stock Exchange. PAR Technology Corporation’s restaurant/retail segment provides cloud-based software and hardware solutions to the restaurant and retail industries. TASK Group Holding Ltd, is an Australian company which develops software for hospitality services. The Applicant intends to expand beyond their market, absorb TASK’s strong cash flow profile and bring global brands who work with TASK into its portfolio. Consent was granted as the Applicant has met the investor test criterion. |
| More information | Michael Pollard Simpson Grierson (Auckland) Private Bag 92518 Auckland 1141 |