Japanese Insurance Giant Nippon Life Acquires Full Ownership Of Global Risk Firm
Nippon Life Insurance Company (Japan 100%) has received OIO consent to increase its stake in Resolution Life Group Holdings Ltd from 23% to 100%, in a $14.6 billion global deal. The vendor was Blackstone ISG Investment Partners – R (BMU) LP (Australia 24%, Japan 22%, United States of America 15%, United Arab Emirates 11%, United Kingdom 11%, Singapore 8%, Various 9). Resolution Life, registered in Bermuda, acquires and manages life insurance portfolios worldwide. The transaction was approved under the Significant Business Assets pathway, with the applicant passing the investor test.
While Resolution Life operates internationally, the deal highlights the scale and strategic complexity of offshore transactions affecting New Zealand’s broader financial ecosystem. No public benefit or national interest assessment was triggered. As large-scale insurance assets consolidate under foreign mutuals and private equity, questions arise about long-term stewardship, regulatory reach, and transparency — particularly for institutions dealing in retirement and life products across jurisdictions. See also: March 2024: Foreign acquisitions of NZ life insurers scrutinised 2022–2023: Resolution Life appeared in prior decisions involving AMP NZ’s life portfolio This adds to ongoing concerns about the offshoring of life insurance governance and customer data under transnational mutual and private equity models.
Racehorse Investors Acquire Cambridge Farm For Equine Training Venture
Chi Hang (Ross) Lao and associates (Australia 70%, New Zealand 30%), majority Australian-owned, have received OIO consent to acquire 16 hectares of sensitive land at 290 Thornton Road, Cambridge, for a thoroughbred racehorse training and spelling facility. The land, currently used to rest racehorses, will be upgraded for active training operations. The vendor is partners of Ascot Farm Partnership (New Zealand 100%). Approved under the Farm Land Benefit Test, the investment cites job creation, export growth, capital expenditure, and alignment with Government policy to boost the racing sector. The consideration was withheld under commercial sensitivity.
While the proposal aligns with industry reform goals, the case also exemplifies how foreign-aligned private investors gain strategic rural assets under niche sectoral justifications. With equine industries often concentrated and elite-adjacent, the broader public benefit may be limited, and scrutiny of such acquisitions should consider cumulative land control across agri-sport sectors. See also: March 2023: Foreign equine syndicate acquired 10ha in Karaka for stud farm; November 2022 — “Equine Investments: Niche Justifications And OIO Scrutiny”. While consistent with OIO rules, racehorse investments often escape public scrutiny despite their exclusive economic benefits.
Foreign Consortium Gains Majority Control Of NZ Insurer Ando
Tasman BidCo Limited (North America 43%, Asia Pacific 39%, Europe 16%, Various 2%), backed by global insurer Ardonagh Group via Australia’s Envest Group, has received consent to acquire up to 75% of Ando Insurance Group Ltd. The vendor was Ando Insurance Group Limited (New Zealand 61%, Luxembourg 39%). The transaction, approved under the Significant Business Assets pathway, saw ownership shift from a majority New Zealand base to offshore control. The purchase price was withheld.
The Minister of Finance raised no national interest concerns. However, the deal fits a pattern of growing foreign ownership within New Zealand’s insurance and financial sectors — now dominated by private equity and transnational conglomerates. With no public benefit conditions required, the transaction underscores regulatory passivity toward the financialisation of essential services, where consumer accountability and local oversight risk being diluted in favour of global capital flows. See also: March 2025: BlackRock’s purchase of HPS Entities (including stake in Ando Insurance); March 2024: Offshore consolidation of NZ’s insurance sector tracked. Foreign-backed insurance takeovers are becoming standard, with limited public oversight despite their critical service roles.
Craigmore-Linked Kauri Forestry Adds Northland Beef Farm For Pine Conversion
Kauri Forestry LP (Switzerland 69%, Germany 31%), a Swiss-and German-owned fund under the Craigmore Sustainables Group, has received OIO consent to acquire a 142-hectare beef farm in Waiotira, Whangarei District, for $2.19 million. Said vendor was Gary Dobson (New Zealand 100%). Approximately 68 hectares – mostly LUC Class 6 – will be converted to a pine plantation, with planting scheduled for winter 2025. The site adjoins the applicant’s existing forestry estate.
Approved under the Farm to Forestry pathway, the investment cites benefits including capital expenditure, employment, export returns, and climate change mitigation. While technically compliant, this transaction is another instance of foreign-led land use conversion in rural Aotearoa, contributing to the cumulative shift away from food production.
As Craigmore’s portfolio surpasses 19,000 hectares, questions about democratic oversight, land concentration, and Treaty-aligned policy remain unresolved. See also: February 2025: Craigmore’s Northland and Otaua forestry conversions; March 2025: 804ha Central Hawke’s Bay pine conversion. Craigmore continues its multi-year accumulation of East Coast and Northland farmland under fast-track forestry rules tied to the ETS.
Futureverse Granted Retrospective Consent For $530m Metaverse Consolidation
Futureverse Corporation Ltd (New Zealand 88%, United States of America 6%, Switzerland 5%
Australia 1%) has received retrospective OIO consent for acquiring shares in eight New Zealand-based tech companies, including Atem Car Club Limited, Centrapay, Altered State Machine Limited, DN 3010 Limited, Centrapass, Altered Phoenix Nominee Limited, Immersve Limited and Non-Fungible Labs (New Zealand 100%).
The $530 million deal was finalised in February 2023 without prior consent — a breach later self-reported. The company, though 88% New Zealand-owned, is classified as overseas due to its offshore ownership structure. The acquisitions, spanning AI, crypto, gaming, and metaverse infrastructure, were consolidated into the Futureverse group on the same day via five linked transactions. A $40,000 penalty was imposed for the breach, deemed inadvertent.
While the retrospective approval allows continuity, the case raises concerns about regulatory clarity and the adequacy of oversight in fast-moving tech sectors. Complex ownership structures and post-facto approvals blur the boundaries of compliance. As New Zealand’s digital economy grows, this case underscores the need for more robust governance over emerging tech consolidations – particularly where public interest intersects with global capital and intangible assets. See also: October 2023 — “Crypto, AI, And The Limits of OIO Regulation”; March 2022: OIO approved MetaTree Ltd’s gaming/crypto land acquisition. The complexity of Futureverse’s structure raises concerns about enforcement, compliance culture, and regulation of fast-moving digital sectors.
Malaysian Investor Acquires Cambridge Site For Racehorse Training Facility
Cambridge Racing Ltd (Malaysia 100%), a newly formed company 100% owned by Malaysian national Kean Huat Chew, has received OIO consent to acquire 1.56 hectares of residential land on Racecourse Road, Cambridge, for consideration of $3.1 million. The site will be developed into a racehorse housing and training business for horses intended for sale and export. Said vendor was Trent Logan Busuttin. Approved under the Sensitive Land pathway (Residential Land Development – One-off Purchase), the investment met both the non-residential and incidental residential use tests.
While the scale is modest, the case reflects growing offshore interest in New Zealand’s thoroughbred sector. As racing investments increasingly intersect with residential land holdings, this decision raises ongoing questions about land use priorities, local benefit, and how cumulative approvals shape semi-rural development trajectories beyond housing. This kind of land use intensifies pressure on local property markets, as high-value equestrian developments replace farmland and inflate regional land prices. It also adds to the concentration of foreign ownership in rural zones, particularly in Waikato.
See also: April 2025: Separate racehorse training deal involving Australian investors, May 2023, “Equine Economics: Foreign Syndicates And NZ Racing Land”. In Waikato equine deals are increasingly common justifications for semi-rural land approvals – often flying under the radar. Cambridge now has more foreign-owned stables than cafés. At this rate, even the horses will need visas.
Neil Group Subsidiary Granted Third Standing Consent For Housing Land Acquisitions
Neil Construction Ltd (Malaysia 91%, Singapore 9%), a Malaysia- and Singapore-owned subsidiary of the Neil Group, has received its third OIO standing consent to acquire up to 400 hectares of residential (but not otherwise sensitive) land across New Zealand. The consent, approved under the Increased Housing and Non-Residential Use tests, allows up to 15 separate acquisitions (maximum 40 hectares each), provided the land is used for residential development and divested within ten years. Vendor was not determined. The Neil Group is a major national developer with a strong compliance history. The standing consent streamlines future transactions by removing the need for case-by-case approvals.
While intended to support housing supply, these standing consents reduce public transparency and oversight over foreign-influenced development patterns. As foreign-backed firms accumulate development rights at scale, the cumulative impact on housing affordability, urban form, and local planning autonomy warrants closer policy scrutiny – particularly when projects span multiple regions with minimal public input. See also 2021–2023: Neil Group’s earlier standing consents. September 2022 – “The Rise Of Foreign-Controlled Housing Developers”. Standing consents reduce transparency while enabling scaled foreign development without public input or case-by-case assessment.
IKEA Franchisee Expands Forestry Footprint With 1,282ha Marlborough Farm
Ingka Investments (Netherlands 100%), the Netherlands-based investment arm of IKEA’s largest franchisee, has received OIO consent to acquire 1,282 hectares of farmland in Wairau Valley, Marlborough, for conversion to a pine plantation. The land, currently a sheep and beef farm, will see 1,136 hectares planted in Pinus radiata starting winter 2025. The purchase price was withheld. Said vendor was Saltwater Station Limited New Zealand 100%. Approved under the Farm to Forestry pathway, the transaction cites benefits including capital investment, employment, timber export revenue, and carbon sequestration. The property is primarily LUC Class 6, with small portions of higher-quality Class 3 and 4 land.
This is the latest in a series of Ingka forestry acquisitions since 2023, underscoring its growing presence in New Zealand’s carbon-focused land use shift. While aligned with climate objectives, these deals continue to displace productive farmland and consolidate rural assets under offshore control. The trend fuels debate over national land strategy, food security, and the long-term public interest in carbon forestry driven by global retail capital.
See also 2021–2023: Neil Group’s earlier standing consents; September 2022: Concerns over foreign-backed fast-tracked housing developments. Standing consents reduce transparency while enabling scaled foreign development without public input or case-by-case assessment. See also: February 2025: IKEA’s 812ha Clutha farm purchase for pine; March 2025: IKEA’s Stratford farm acquisition. Ingka is now one of the most aggressive foreign afforestation buyers in NZ, raising questions about the ETS, rural depopulation, and carbon-offset economics.
Singaporean Firm To Take Full Control of NZ Hotel Chain MCK In $71m Buyout
City Developments Ltd (CDL) (Singapore 99%, Various 1%), a Singapore Stock Exchange-listed company, has received OIO consent to acquire the remaining 24.14% of Millennium & Copthorne Hotels NZ Ltd (MCK) (New Zealand 94%,
Various 6%) that it does not already own. The $71.3 million takeover offer will lead to full ownership and result in MCK being de-listed from the New Zealand Stock Exchange.
MCK owns several hotels and holds a majority stake in CDL Investments NZ Ltd, a residential and commercial land developer. Approved under both the Significant Business Assets and Sensitive Land pathways, the deal will expand CDL’s indirect interest in sensitive New Zealand land. Stated benefits include increased capital expenditure, operational efficiencies, and alignment with Government tourism goals.
While framed as enhancing sector reputation and shareholder liquidity, the deal marks another quiet shift of New Zealand assets from public to offshore private ownership. The de-listing of MCK further reduces domestic investment access and transparency, reinforcing the trend of global firms consolidating control over both strategic land and consumer-facing infrastructure in Aotearoa. See also: 2022–2024: OIO decisions approving CDL’s progressive increase in NZ land development stakes; August 2023 — “Foreign Hotel Chains Expand NZ Footprint”. The de-listing marks another shift from public to private foreign control, reducing investment access for locals.
Lagardère Travel Retail Secures Auckland Airport Duty-Free Licence
Lagardère Travel Retail New Zealand Limited (France 75%, Qatar 12%, Various 13%), part of the Paris-listed Lagardère Group, has been granted Overseas Investment Office (OIO) consent to acquire a licence and concession to operate the duty-free shopping premises at Auckland International Airport. The deal was approved under the Significant Business Assets pathway and Section 13(1)(c) of the Overseas Investment Act 2005.
The concession spans an initial eight-year term, allowing Lagardère to operate retail services in one of New Zealand’s most high-traffic commercial hubs. The vendor is Auckland International Airport Limited (Australia 29%, New Zealand 26%, USA 21%, Various 24%). The transaction price was withheld under commercial sensitivity provisions in the Official Information Act 1982.
The OIO granted consent on the basis that the Investor Test was satisfied, confirming the applicant’s business acumen, financial commitment, and regulatory compliance. No sensitive land was involved in the transaction. This decision reflects New Zealand’s openness to foreign investment in strategic commercial operations, particularly within airport infrastructure and high-volume retail environments. However, such concessions — while not involving land ownership — increasingly shape control over public-facing economic assets, and raise questions about the balance between foreign expertise and domestic economic sovereignty.
Windcave Group Undergoes Corporate Restructure Via US-Registered Entity
Windcave LLC (New Zealand 100%), a newly registered United States company wholly owned by New Zealander Andrew John Cullen (New Zealand 100%), has received OIO consent to acquire 100% of the shares in Windcave Limited, a New Zealand-based payment technology firm. The transaction was approved under the Significant Business Assets pathway pursuant to Section 13(1)(a) of the Overseas Investment Act 2005.
While the entity acquiring the shares is classified as an overseas person due to its US registration, the ultimate ownership remains 100% New Zealand-controlled, as the applicant is solely owned by the current vendor. The consent facilitates a corporate restructuring, consolidating ownership of the Windcave Group’s global payment operations under the newly established US entity.
The value of the investment has been withheld under Section 9(2)(b)(ii) of the Official Information Act 1982, citing commercial sensitivity. Though involving no change in beneficial control, the transaction triggered OIO oversight due to the shift in legal structure and jurisdiction. The Investor Test was satisfied, with the decision confirming the applicant’s capability and character under the Act.
This case highlights how even domestically-owned businesses must navigate overseas investment rules when implementing structural changes involving foreign-registered vehicles. It also raises broader questions about regulatory boundaries in the era of cross-border corporate restructuring, particularly when local founders use international entities to align with global market strategies. See also: March 2023: Internal restructure involving Dosh Ltd (Singapore vehicle); September 2022 — “Corporate Restructures: OIO Loopholes or Oversight?”.
Australia’s Future Fund Increases Stake In NZ-Linked Data Centre Operator
The Future Fund Board of Guardians (Australia 100%), acting on behalf of the Australian Commonwealth, has received OIO consent to acquire up to 50% of ordinary and redeemable shares in CDC Group Holdings Pty Limited, currently held by the Commonwealth Superannuation Corporation (CSC) (Australia 100%). The approval falls under the Significant Business Assets pathway, pursuant to Section 13(1)(a) of the Overseas Investment Act 2005.
CDC Group is a prominent Australian data centre operator with a wholly owned New Zealand subsidiary, making the transaction subject to OIO review. The vendor, also Australian-owned, currently holds approximately 24% of ordinary shares and 8% of redeemable preference shares. Following the investment, the Future Fund’s aggregate interest in ordinary shares will increase from approximately 24% to 35%. Both the applicant and vendor are Australian sovereign investors, with the Future Fund established under the Future Fund Act 2006 to manage long-term public assets on behalf of the Australian government.
Although the New Zealand asset value was withheld under Section 9(2)(b)(ii) of the Official Information Act 1982, the transaction triggered a national interest assessment due to the nature of the asset class. The Minister of Finance concluded that the investment was not contrary to New Zealand’s national interest, and the Investor Test was satisfied. This decision highlights the growing role of foreign sovereign wealth and pension funds in acquiring strategic infrastructure and digital assets within New Zealand. While both parties are Australian government entities, the case underscores ongoing debates around data sovereignty, foreign control of digital infrastructure, and the evolving regulatory approach to public-interest assessments in the tech and data sector.