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OIO approves Vodafone purchase

Fuseworks Media
Fuseworks Media

The Overseas Investment Office (OIO) has approved a Brookfield-Infratil consortium to buy Vodafone New Zealand for $3.4 billion.

OIO approval was needed for this significant business transaction because the value of Vodafone New Zealand is more than $100 million.

Brookfield is a Canadian-registered global alternative asset manager, with investments in renewable energy, property, infrastructure and private equity.

Infratil is an infrastructure investor seeking opportunities to develop the next generation of telecommunications technology in New Zealand.

The consortium has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The consortium has also demonstrated financial commitment to the investment.

Vodafone New Zealand is an indirect subsidiarity of Vodafone Europe B.V., which is a Netherlands-incorporated company.

The Commerce Commission on Thursday approved Infratil’s acquisition of a 50 percent stake in Vodafone.

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