Private Equity Takes Full Control Of MediaWorks After National Interest Review
Shelley Newco 2 Pty Ltd (Australia 47%, United States of America 22%, Cayman Islands 14%, United Arab Emirates 8%, Various 9%) has received OIO consent to acquire up to 100% of the shares in MediaWorks Investments Limited. The vendors are Tokyo Opportunities BV (Netherlands 100%) and Cameron Wallace (New Zealand 100%). The consideration was withheld under section 9(2)(b)(ii) of the Official Information Act 1982.
MediaWorks is New Zealand’s largest commercial radio broadcaster, operating 12 national radio stations and a significant outdoor advertising network. The application triggered a national interest assessment, as MediaWorks qualifies as a Strategically Important Business. The Minister of Finance determined the investment was not contrary to New Zealand’s national interest. The investor test was satisfied.
While day-to-day operations may remain unchanged, the decision grants full control of a critical media platform to offshore private equity, with no public interest conditions. Editorial direction, news content, and advertising control now rest with financial interests spanning five jurisdictions. The case underscores the regulatory gap in how foreign investment intersects with democratic institutions and media pluralism. See also: August 2023: OIO approved foreign equity investment in Stuff Limited; October 2022: “Who Owns Our Airwaves? Media And The OIO”; March 2024: Canadian tech fund acquired majority stake in Serato; 2021–2023: OIO consents for private equity acquisitions in NZ’s digital and advertising sectors.
German Conglomerate Gains Majority Control Of Transdev in $125m Deal
Rethmann France SAS (Germany 100%) has received OIO consent to acquire a further 32% of the shares in Transdev Group SA, bringing its total stake to 66%. The vendor is Caisse des Dépôts et consignations (France 100%). The asset value of the transaction is $125 million. The Applicant is ultimately owned by Rethmann SE & Co. KG, a German-headquartered corporate partnership. Transdev operates transport services in 19 countries, including bus and train operations across Wellington and Auckland via its New Zealand subsidiaries.
This transaction reverses the previous 66/34 ownership split between the parties. Consent was granted under the Significant Business Assets pathway, with the investor test satisfied. No national interest assessment was triggered. While the transaction reflects routine restructuring between aligned foreign State and corporate entities, it raises questions about long-term accountability in New Zealand’s essential services. Control of core public transport infrastructure is now held by a private European conglomerate, with no public input or enforceable guarantees for local service outcomes, workforce conditions, or regional resilience.
See also: July 2023: “Foreign Hands On The Steering Wheel: Transdev And NZ Public Transport”; October 2021: Transdev’s earlier OIO approval for expanded bus operations in Wellington; May 2024: “Privatised Routes, Public Consequences: Who Runs Our Buses?”; March 2022: CAFCA briefing on foreign State-linked investment in NZ transport.
US Tech Giant Teradyne Acquires Kiwi Photonics Firm In Strategic Expansion
Teradyne (New Zealand) Holdings Limited (United States of America 77%, United Kingdom 7%, Various 16%) has received OIO consent to acquire 100% of the shares in Quantifi Photonics Limited. The vendor is Quantifi Photonics Limited (New Zealand 77%, United States of America 20%, Various 3%). The consideration was withheld under section 9(2)(b)(ii) of the Official Information Act 1982. The Applicant is ultimately owned by Teradyne, Inc., a US-based Nasdaq-listed company specialising in automated testing and robotics systems. Quantifi Photonics is a New Zealand tech firm providing test and measurement solutions for photonics-based devices, used widely in optical and electrical applications.
The consent was granted under the Significant Business Assets pathway. The investor test was satisfied. While the transaction signals confidence in New Zealand’s deep-tech sector, it also follows a familiar pattern: high-growth, IP-rich firms developed domestically are sold offshore once they scale. Control over innovation, R&D pathways, and intellectual property now shifts to a US-based multinational, with no conditions to retain skilled jobs or technical capability in Aotearoa. See also: August 2023: “Tech Takeovers: From Kiwi IP To Offshore Profit”, March 2024: US and Canadian consortium acquires Serato Audio Research, May 2022: “Selling The Future: NZ’s Tech Firms In Foreign Hands”, 2021–2024: OIO decisions enabling offshore acquisition of NZ deep-tech startups.
UK Carbon Fund Expands Forestry Holdings With 321ha Near Dargaville
SCOOF Poumahaka Investments Limited (United Kingdom 96%, Bermuda 4%) has received OIO consent to acquire approximately 321 hectares of freehold land near Dargaville. The vendor is Stormcoast Limited (New Zealand 100%). The consideration was withheld under section 9(2)(b)(ii) of the Official Information Act 1982. The Applicant is an investment vehicle of the UK-based Stafford Carbon Offset Opportunity Fund (SCOOF), and a repeat user of the Special Forestry Test. The property includes around 263 hectares of productive land, mostly planted in pinus radiata, which will continue to be used for production forestry. Consent was granted under the Sensitive Land pathway via the Special Forestry Test. The investor test and special forestry criteria were both satisfied.
While no land use change is involved, this is another case of foreign institutional investors consolidating control over carbon forestry assets across Aotearoa. With profits from timber and ETS-linked carbon credits flowing offshore, the public benefit to New Zealand remains limited. These transactions often bypass national interest assessments and underscore the need for greater scrutiny of international carbon finance in rural land markets. See also: March 2025: “SCOOF Adds 1,446ha in Waipukurau, Pongaroa, and Eketāhuna”; February 2025: SCOOF Poumahaka’s joint venture in Glen Murray; October 2023: “Carbon Capital: Offshore Funds and NZ’s Forest Lands”, CAFCA briefing 2024: Foreign ownership and Treaty implications of ETS-driven land use.
Retrospective Consent Granted For Karaka Farmland Acquisition
Parklands Properties Limited (Various 73%, New Zealand 27%) has received retrospective OIO consent to acquire approximately 5.78 hectares of sensitive land at 30-40 Hayfield Way, Karaka. The vendor was Bloodstock International Limited (New Zealand 100%). Consideration was $10 million. The Applicant is a New Zealand property development company ultimately owned by Joseph Kenji Noma and Yoke Nooi (Marianne) Cheong as trustees of the Pantai Trust. Neither the trust nor the trustees are overseas persons.
The Applicant entered into a profit-sharing agreement with Lambie Trust, which is an overseas person under the Act, and used funds from that agreement to purchase the land. The land was developed into residential lots for sale to third parties. Consent was sought retrospectively after the Applicant was incorrectly advised that consent was not required. The breach was voluntarily reported to Land Information New Zealand (LINZ). Retrospective consent was granted because the breach was inadvertent and the Applicant met the investor test.
The investment is expected to benefit New Zealand through increased capital expenditure and support for the Government’s housing policy. A retrospective penalty of $10,000 was imposed. The case underscores ongoing gaps in developer compliance and questions the effectiveness of deterrents under the Overseas Investment Act. See also: July 2024: “Retrospective Consents And Compliance Challenges”; 2023: “Overseas Investment Act: Breach Reporting And Penalties”; March 2025: “Housing Supply and Overseas Investment”.
Overseas Investment Consent Granted After Breach For Karaka Property
Parklands Properties Limited (Various 73%, New Zealand 27%) has received retrospective OIO consent to acquire approximately 2.22 hectares of land at 145 Park Estate Road, Karaka, Auckland. The vendor was Bersatu Investments Limited (New Zealand 100%). Consideration was $6.5 million. The Applicant is a New Zealand property development company ultimately owned by Joseph Kenji Noma and Yoke Nooi (Marianne) Cheong as trustees of the Pantai Trust.
Neither the trust nor the trustees are overseas persons. The Applicant entered into a profit-sharing agreement with Lambie Trust, an overseas person under the Act, and used funds from that agreement to purchase the land. The land was developed into residential lots for sale to third parties.Consent was sought retrospectively after the Applicant was incorrectly advised that consent was not required.
The breach was voluntarily reported to Land Information New Zealand (LINZ). Retrospective consent was granted because the breach was inadvertent and the Applicant met the investor test.The investment is expected to benefit New Zealand through increased capital expenditure and support for the Government’s housing policy. A retrospective penalty of $30,000 was imposed.
This is the second retrospective approval granted to Parklands Properties in Karaka in the same month — an unusual pattern that raises questions about how routinely compliance errors are emerging in the development sector, and whether enforcement under the Overseas Investment Act is sufficiently robust. See also: July 2024: “Retrospective Consents and Compliance Challenges”; 2023: “Overseas Investment Act: Breach Reporting and Penalties”; March 2025: “Housing Supply and Overseas Investment”.
Standing Consent Granted For Residential Land Development By Arvida Limited
Arvida Limited (Asia 43%, Middle East 38%, North America 13%, Various 6%) has received Overseas Investment Office consent under sections 12(a) and 23A of the Overseas Investment Act 2005. The standing consent permits Arvida and its wholly owned subsidiaries to acquire up to 450 hectares of residential (but not otherwise sensitive) freehold land across New Zealand by 31 May 2028. The land may be used for up to 15 residential developments. The Applicant is a retirement village operator with 36 retirement communities in New Zealand, ultimately owned by the Stonepeak Asia Infrastructure Fund, managed by New York-based investment firm Stonepeak Partners LP. Land acquired under this consent must be developed into new residential dwellings as part of retirement village projects.
Non-residential use supporting these developments is also permitted. The Applicant and associates are prohibited from occupying land acquired under this standing consent. The vendor for specific acquisitions is not yet determined. While framed as contributing to New Zealand’s aged care and housing supply, this decision gives foreign-controlled private equity a wide and pre-approved path to consolidate control over residential land – with no public accountability around affordability, labour conditions, or land concentration in a critical sector. See also: October 2023: “Private Equity And Retirement Village Expansion”; 2024: “Overseas Investment And New Zealand Housing Supply”; March 2025: “Standing Consents In Residential Development”.
Swiss Transnational Holcim Receives Consent To Develop Quarry In Hastings
Holcim (New Zealand) Limited (Switzerland 42%, North America 24%, United Kingdom 9%, Europe 9%, Various 16%) has received Overseas Investment Office consent to acquire approximately 18 hectares of land at 166 Mere Road, Fernhill, Hastings. The vendor was Saint Clair Estate Wines Limited (New Zealand 100%). The asset value of the transaction was $3 million. The Applicant is part of the Holcim Group, a Swiss transnational building materials manufacturer. The land has been used for viticulture but will be converted into a quarry to extract rock, gravel, and sand aggregates. The new quarry will support Holcim’s adjacent existing quarry. After quarrying ceases, the land will be rehabilitated.
The investment is expected to retain jobs and support the Government’s transport policy.Consent was granted as the Applicant met the investor test and the investment is likely to benefit New Zealand. However, the transaction reflects a growing trend of foreign-controlled extractive industries reshaping rural landscapes. This shift from productive land use (viticulture) to quarrying raises environmental concerns and highlights the limited scrutiny placed on cumulative land-use change under OIO consents. See also: November 2024, “Foreign Investment In NZ’s Extractive Industries”; 2023: “Quarrying And Environmental Considerations”; May 2025: “Infrastructure Development And Overseas Investment”.
Fletcher Residential Adds Milldale Site Under Standing Consent For Housing Development
Fletcher Residential Limited (Australia 56%, New Zealand 21%, United States of America 13%, United Kingdom 5%, Various 5%) has notified the Overseas Investment Office of its tenth acquisition under a standing consent granted in March 2021. The transaction involves 0.1683 hectares of residential land at the corner of Argent Lane Extension and Parish Drive, Milldale, Auckland. The vendor was Fulton Hogan Land Development Limited. The asset value of the transaction was $1,892,872. The standing consent permits Fletcher to acquire up to 200 hectares of residential land across 15 transactions by 31 December 2028, under the Increased Housing and Non-residential Use tests.
The Applicant intends to construct 12 new residential dwellings on the site. Subdivision and development were expected to be completed by 30 June 2025, with onward sales finalised by February 2026. This is another example of a large, foreign-majority-owned developer benefiting from a blanket OIO approval to secure land for suburban housing. While the project may increase supply, there are no conditions around affordability, density, or public benefit — raising questions about how such standing consents serve broader housing needs rather than commercial interests.See also: October 2023: “Standing Consents And Suburban Growth”; 2022: “Fletcher Building And NZ’s Housing Market”; March 2025: “Private Developers And OIO Housing Projects”.
Consent Granted For Acquisition Of Tourplan Holdings Limited
Orca New Bidco Limited (United States of America 40%, Singapore 6%, Hong Kong 5%, Various 49%,) has been granted Overseas Investment Office consent to acquire 100% of the shares in Tourplan Holdings Limited, a Christchurch-based specialist tour operator software provider. The vendor is a PPT Trustee Company Limited as trustee of the PPT Family Trust, John Michael Snelling, and Craig Peter Gray (New Zealand 100%) retaining partial indirect ownership through the applicant. The decision confirmed the applicant met the investor test.
This transaction highlights ongoing foreign investment in New Zealand’s tech sector, particularly in niche software services supporting tourism. The partial vendor reinvestment suggests continuity and confidence in the company’s future under new ownership. Consent was straightforward given the applicant’s strong investor credentials. While the vendor’s partial reinvestment may suggest confidence and operational continuity, the acquisition also raises broader concerns about foreign control of strategic digital infrastructure.
Critics may argue that even in specialised markets, overseas takeovers contribute to the loss of locally owned intellectual property and decision-making power. Additionally, the trend of global private equity firms acquiring New Zealand companies could lead to profit extraction rather than long-term local reinvestment, and heightens concerns about the increasing foreign consolidation of high-value tech assets. See also: Overseas Investment Act Guidelines, Investor Test Criteria; April 2025: “Foreign Investment In New Zealand Tech Companies”, LINZ, Significant Business Assets Pathway Overview.
Consent Granted For Acquisition Of 794 Hectares Of Forestry Land, Masterton
ERI Timber New Zealand Sárl (Germany 100%), a Luxembourg company wholly owned by a German construction pension fund, has received consent under the Overseas Investment Act to acquire approximately 794 hectares of freehold land at 1627 Masterton-Castlepoint Road for commercial rotational forestry. The productive forest covers about 673 hectares, planted exclusively with Pinus radiata. The applicant plans to harvest and replant the forest sustainably. The decision confirms compliance with the investor and special forestry tests.
The vendor was West Cork Forestry Limited (New Zealand 100%). While the acquisition reflects ongoing overseas interest in New Zealand’s forestry sector – often framed as a form of long-term, sustainable investment – it also raises concerns about increasing foreign ownership of rural land. Critics argue that such purchases contribute to the gradual loss of domestic control over large tracts of productive land, with profits potentially flowing offshore rather than being reinvested locally.
Additionally, the dominance of Pinus radiata monocultures has been criticised for limited biodiversity and ecological impact, and some question whether foreign corporate ownership can truly align with local environmental priorities and community interests. The use of the special forestry test, while ensuring compliance with forestry standards, may be seen by some as a fast-track mechanism that limits broader public scrutiny. See also: Overseas Investment Act 2005, Special Forestry Test; March 2025: “Foreign Investment In New Zealand Forestry”, LINZ Forestry Land Investment Guidelines