US Fintech Giant Shift4 Acquires Smartpay in $296 Million Takeover
Shift4 Payments, LLC (United States 99%, Various 1%) has received consent under the Significant Business Assets pathway to acquire all shares in Smartpay Holdings Limited, valued at $296,361,606. The vendor group consisted primarily of Australian shareholders (74%), alongside New Zealand (25%) and others (1%). Shift4, headquartered in Pennsylvania and listed on the New York Stock Exchange, provides payment processing and commerce technology, including mobile point-of-sale systems and payment gateways. The acquisition gives Shift4 ownership of Smartpay, one of Australasia’s largest EFTPOS and payments infrastructure providers, and New Zealand’s largest direct connector to Paymark, the central national transaction network.
The Minister of Finance determined the investment was not contrary to New Zealand’s national interest, and consent was granted after the applicant met the investor test. The sale of Smartpay continues a trend of foreign takeovers in New Zealand’s fintech and digital payments sector, further consolidating key payment infrastructure under overseas control. This raises questions about data sovereignty, privacy, and competitive independence, given the central role of EFTPOS and Paymark in the country’s retail economy. It also underscores how domestic fintech innovation continues to be absorbed into global corporate ecosystems, limiting opportunities for New Zealand-based scale-ups.
See also: July 2024 – Fiserv Inc (USA) consented to expand Paymark-linked payment services; October 2023 – Stripe and Square (USA) regulatory filings with Reserve Bank NZ.
Fletcher’s Latest Housing Expansion Adds To Foreign-Controlled Urban Development
Fletcher Residential Limited (Australia 46%, New Zealand 28%, Asia 10%, North America 10%, Various 6%) has been granted consent to acquire 5.4036 hectares of land at 1194 Coatesville Riverhead Highway, Auckland, under the Sensitive Land – Benefit to New Zealand pathway. The vendor was Bhimchandra Dandapat (New Zealand 100%), and the purchase price was withheld.
Fletcher Residential is a wholly owned subsidiary of Fletcher Building Limited, one of New Zealand’s largest construction and property companies, it is majority overseas-owned. The company intends to use the land as part of a large West Auckland development spanning 28.79 hectares, with at least 535 dwellings planned (20 of which will be on this specific site). The project’s progress depends on a successful Auckland Unitary Plan change, and construction is expected to take seven years. The OIO justified the approval on the grounds of economic benefits, development expenditure, and alignment with Government policy to boost housing supply.
While presented as a solution to New Zealand’s housing shortage, this latest acquisition highlights the extent of foreign ownership in the country’s building and land development sector. Fletcher Building’s majority overseas shareholding means that profits from New Zealand’s urban growth increasingly flow offshore, even as local housing affordability worsens. The reliance on foreign capital to deliver essential housing infrastructure undermines domestic control of urban planning and economic returns.
See also: March 2025 – Fletcher Residential Ltd consent for 9.8 ha in Drury, November 2024 – Winton Land Ltd consents for large-scale housing projects in North Auckland
US Church-Owned Corporation Expands Kiwifruit Holdings In Bay of Plenty
Farmland Reserve NZ, Inc. (United States 100%) has been granted consent to acquire 43 hectares of land at 565 Western Drain Road, Edgecumbe, under the Sensitive Land – Farm Land Benefit Test. The vendor was Three Roads Limited (New Zealand 100%), and the consideration was withheld under the Official Information Act. The applicant is a subsidiary of Farmland Reserve, Inc., an agricultural investment arm of The Church of Jesus Christ of Latter-day Saints (LDS Church – the Mormons).
The company already owns extensive agricultural holdings in New Zealand, including dairy, sheep, and beef farms operated under the AgReserves and Farmland Reserve names. In this case, the applicant is acquiring a kiwifruit orchard in the Bay of Plenty region, intending to expand cultivation by planting an additional 15 canopy hectares. The OIO justified the approval on the grounds of economic benefits, such as increased export receipts, job creation, capital investment, and greater local expenditure. Consent was therefore granted as the applicant met the investor test criterion and the investment was deemed likely to benefit New Zealand.
While framed as a productive horticultural expansion, this decision underscores a persistent issue: the continued accumulation of New Zealand farmland by large overseas religious and institutional investors. The LDS Church already holds substantial land across the country, much of it tax-advantaged, raising concerns about land concentration, foreign control of agricultural resources, and the blurring of religious and corporate investment motives. Although economic gains may occur locally, the ownership and long-term profits flow offshore, weakening domestic sovereignty over food production and rural land use.
See also: December 2023 – Farmland Reserve NZ, Inc. acquisition of 178 ha in Morrinsville; May 2024 – AgReserves Ltd approval for 211 ha kiwifruit expansion in Te Puke.
General Distributors Expands Supermarket Footprint In Rolleston
General Distributors Limited (Australian Public 99%, Various 1%) has notified the OIO of a transaction under its standing consent for residential land acquisitions. The company acquired 1.35 hectares at 597 East Maddisons Road, Rolleston from Hughes Developments Limited for $5,758,600. This is the seventh transaction under its 2019 standing consent, which permits up to 75 hectares across ten transactions (maximum 15 hectares each) by 1 December 2024.
The land, while classified as residential, is being repurposed under the non-residential use pathway, with the company planning to construct and operate a supermarket with ancillary retail. The applicant, a wholly owned New Zealand subsidiary of Woolworths Group (Australia), continues its steady expansion of large-format grocery retail across the country.
While the investment supports regional growth by providing retail access in a fast-growing township, it raises ongoing questions about the dominance of the supermarket duopoly (Woolworths and Foodstuffs). Such acquisitions can crowd out smaller competitors, entrenching market power and limiting consumer choice. Additionally, repurposing residential land for commercial use highlights tensions in planning priorities, particularly given New Zealand’s housing supply crisis.
See also: June 2023: OIO approved consent for Woolworths NZ to acquire land in Northland for supermarket development); July 2025: Coherent Hotel Ltd – Moose Lodge redevelopment (OIO Decision, July 2025).
French Transnational Expands Control Over Christchurch Quarry
HEB Construction Limited (Various 67%, United Kingdom 18%, France 15%) has received consent under the Sensitive Land – Benefit Test to acquire 100% of the shares in SOL Quarries Limited, giving it an indirect freehold interest in 54.0530 hectares of land at 81, 93, and 133 Conservators Road, McLeans Island, Christchurch. The vendors were New Zealand–owned investment trusts, and the purchase price was withheld under the Official Information Act.
HEB Construction is a major player in New Zealand’s civil infrastructure sector and is ultimately controlled by Vinci SA, a France-based transnational construction and energy conglomerate listed on the Paris Stock Exchange. Vinci operates globally across infrastructure, transport, energy, and materials — including a vast portfolio of quarries, asphalt plants, and material recycling facilities. Through this investment, HEB is expanding its footprint in New Zealand’s extractive industries, acquiring a key aggregate source to support large-scale infrastructure projects.
The OIO justified the consent on the basis that the investment would retain jobs, increase primary production and capital expenditure, and support government infrastructure policies. Consent was therefore granted, as the applicant met the investor test and the investment was deemed likely to benefit New Zealand. While framed as an infrastructure-supporting move, this decision highlights New Zealand’s ongoing dependence on foreign-owned construction giants for essential materials and projects.
Vinci SA already dominates a wide range of international infrastructure assets — from airports to highways — and its growing control over local quarry resources raises concerns about foreign extraction of natural materials and offshore profit flows. The argument that quarry expansion “benefits New Zealand” by retaining jobs overlooks the fact that strategic land and natural resource control is steadily shifting into foreign corporate hands, diminishing local ownership of critical inputs to construction and urban development.
See also: March 2024 – Fulton Hogan Quarries Ltd (Australia) acquisition of 82 ha for quarry expansion near Oamaru, June 2025 – Holcim (New Zealand) Ltd (Switzerland) limestone extraction expansion in Westport.
US Telecom Firm Receives Retrospective Consent For Rooftop Lease
Everest Infrastructure NZ (United States 92%, Various 8%) has been granted retrospective consent under Section 12(1)(a) of the Overseas Investment Act 2005 for leasehold interests over approximately 0.3627 hectares on the rooftop of the premises at 67A Pilmuir Street, Epuni, Lower Hutt. The consideration was $600,000, and the vendor was Pilmuir Accommodation Limited (New Zealand 100%).
The applicant is a telecommunications asset manager ultimately owned by US-based Everest ANZ US LLC. The company entered into the transaction to manage land containing telecommunications assets. However, it later discovered that the rooftop site was technically classified as residential land, requiring prior OIO consent. The breach was self-reported and described as “inadvertent.” The OIO granted retrospective consent and imposed a $20,000 penalty.
This decision again demonstrates the OIO’s soft-touch approach to retrospective consents, especially for large US-backed corporations. A $20,000 fine is trivial for a foreign infrastructure company and does little to deter similar breaches. The case illustrates a concerning pattern where overseas investors can proceed with transactions first and “ask forgiveness later,” confident that penalties will be minor and approval will follow.
More troubling is that the investment involves telecommunications infrastructure — a sector tied to national security and data sovereignty. Allowing a US-owned entity to control rooftop sites for telecoms equipment, even inadvertently, highlights weaknesses in New Zealand’s screening of sensitive land and its oversight of who ultimately owns and manages critical network assets.
See also: February 2024 – Crown Castle NZ Ltd (USA) retrospective consent for mobile tower leases; September 2023 – Mobil Oil NZ Ltd (USA) retrospective land use consent for service stations).
British Family Firm Buys Marlborough Forest Block
llis Campbell (NZ) Limited (United Kingdom 100%) has been granted consent under the Sensitive Land – Special Forestry (One-Off) pathway to acquire a freehold interest in approximately 28.795 hectares of land at 1109 Wakamarina Road, Marlborough — known locally as the Buick Forest. The price was $310,000. The vendor was Buick Trustees Limited (New Zealand 100%).
The applicant is a forestry investment vehicle belonging to the Ellis Campbell Group, a long-standing, family-owned enterprise based in the United Kingdom with investments across forestry, property, and rural land. The Marlborough block contains around 25.4 hectares of Pinus radiata, which the company intends to maintain for production forestry, with harvesting planned to begin in 2042.
While the purchase appears modest in scale, this case highlights how foreign family investment groups continue to quietly accumulate New Zealand forestry land under the “special forestry” pathway. These approvals often receive little scrutiny, despite enabling offshore entities to profit from the long-term exploitation of Aotearoa’s natural resources.
The OIO routinely grants such consents on the assurance that foreign owners will maintain forestry use — yet there is minimal public oversight of how profits, carbon credits, or replanting obligations are managed. Once again, New Zealand’s productive landscapes are being gradually absorbed into foreign asset portfolios under the guise of “sustainable forestry investment.”
See also: April 2024 – Campbell Forestry UK acquisition of 60 ha in Otago for radiata pine replanting; December 2023 – Greenridge Forestry Ltd (UK) purchase of 45 ha pine forest in Marlborough.
German Insurance Giant Expands Forestry Holdings Across Waikato And Taranaki
Ponga Silva Limited (Germany 49%, United States 20%, United Kingdom 11%, France 6%, Various 14%) has received consent under the Sensitive Land – Special Forestry (One-Off) pathway to acquire a total of 466 hectares of freehold land — 319.1 hectares on Waingaro Road, Waingaro, and 147.7 hectares on Takiri Road, Āria. The vendors were New Zealand–owned companies W A & L M Mayall Limited (100% NZ) and Hatwell Properties Limited (100% NZ) (in partnership). The purchase price was withheld under the Official Information Act.
The applicant is a repeat forestry investor ultimately owned by Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft (Munich Re), a German transnational insurance and reinsurance conglomerate listed on all major German stock exchanges. Through its global investment arm, Munich Re channels institutional capital into forestry as a long-term asset class for carbon credits and sustainable resource management.
The acquired land contains approximately 412 hectares of productive forestry, mostly Pinus radiata with some macrocarpa. Ponga Silva plans to maintain the sites as production forests, with harvest expected in 22 to 34 years. This decision underscores how major international financial institutions — including global insurers like Munich Re — are increasingly embedding themselves in New Zealand’s forestry and carbon credit markets. While promoted as sustainable investment, these acquisitions consolidate foreign corporate control over vast tracts of rural land, often with little direct local benefit.
The special forestry pathway continues to serve as a convenient entry point for offshore investors seeking stable, long-term returns from New Zealand’s land base, justified by the promise of replanting and carbon sequestration. Yet, questions remain about how such investments align with community resilience, biodiversity, and sovereignty over Aotearoa’s natural resources.
See also: February 2025 – Ponga Silva Ltd (Germany/USA) purchase of 210 ha forestry in Northland; October 2024 – Greenleaf Forestry Holdings (Sweden) 380 ha purchase in Waikato.
Singaporean LLP Gains Control Over KPMG New Zealand In Internal Restructure
KPMG South ASPAC Group Holdings LLP (Australia 71%, Singapore 15%, New Zealand 10%, Philippines 4%) has received consent under the Significant Business Assets pathway to acquire up to 100% of the ownership and/or control interests in KPMG New Zealand Partnership. The acquisition is part of an internal restructuring, with no monetary consideration reported.
The applicant, a Singaporean limited liability partnership, is ultimately owned by partners from KPMG offices across the Asia–South Pacific region. KPMG New Zealand Partnership provides audit, tax, private enterprise, and business advisory services under the KPMG brand. Through this restructure, KPMG South ASPAC Group Holdings LLP will become the primary governance entity for KPMG’s operations across the region, consolidating management and oversight. The OIO granted consent as the applicant met the investor test criterion.
While framed as an internal administrative move, this decision underscores the increasingly regionalised control of professional services firms in New Zealand. Consolidation of governance under a foreign-based LLP raises questions about local decision-making autonomy, the flow of profits, and the potential for strategic decisions to be influenced more by regional than domestic priorities. Even without immediate economic risk, the move illustrates how transnational professional networks centralise authority and oversight, potentially reducing the flexibility of New Zealand offices to respond independently to local client and market needs.
See also: February 2024 – Deloitte Tohmatsu (Japan) restructures ownership of Deloitte New Zealand, July 2025 – PwC Australia consolidates regional control over PwC New Zealand.
Australian-Led Private Equity Gains Minority Stake In Forsyth Barr
Mercury Capital 22-A, B, C, and D Pty Limited (New Zealand 49%, Australia 15%, United States 12%, Germany 7%, Various 17%) has received consent under the Significant Business Assets pathway to acquire up to 30% of the ordinary shares in Forsyth Barr Group Limited. The vendor was Forsyth Barr Custodians Limited, a fully New Zealand–owned entity, and the purchase price was withheld under the Official Information Act.
The applicant is ultimately owned by Mercury Capital Investments Pty Limited, an Australian private equity firm specialising in established businesses across Australia and New Zealand. Forsyth Barr Group Limited is a prominent New Zealand–based investment services company. Through this investment, Mercury Capital will gain a substantial minority stake, positioning it to influence strategic decisions while leaving majority control with existing New Zealand shareholders. The OIO granted consent as the applicant met the investor test criterion.
While minority stakes are often framed as partnership investments, this case reflects the growing influence of foreign private equity in New Zealand’s financial services sector. Even a 30% share can afford significant sway over corporate strategy and risk management. Such investments highlight the tension between attracting capital for growth and maintaining domestic control over key financial institutions that manage local wealth.
See also: March 2023 – BlackRock acquires 25% of New Zealand’s Heartland Bank, July 2024 – KKR takes 30% stake in New Zealand investment firm Milford Asset Management.
Chinese Developer Reshapes Drury Subdivision Through Boundary Adjustment
Noah Eastern Limited (China 95%, New Zealand 5%) has been granted consent under the Residential Land Development – One-Off Purchase (Increased Housing) pathway to acquire 0.1464 hectares of land in Drury, Auckland. The transaction arises from a boundary adjustment agreement with adjoining developers, Bremond Estates Development Limited and 312 Development Limited. The exchange involves equal swaps of land rather than monetary consideration.
The applicant is a New Zealand-incorporated company ultimately owned by Shandong Wanghai Industrial Group Co., Ltd, a diversified Chinese conglomerate active in real estate and construction. Noah Eastern was formed to manage property development projects in New Zealand, particularly large-scale residential subdivisions. According to the OIO, the boundary adjustment will facilitate a more efficient and cohesive housing layout across the applicant’s existing holdings and neighbouring sites in Drury — an area identified as a key growth node under Auckland Council’s spatial development strategy. Consent was granted on the basis that the applicant met the investor test and that the investment would likely increase housing supply.
While framed as a “neutral” land exchange, this decision highlights the quiet consolidation of land ownership by foreign developers in Auckland’s high-growth zones. Even small-scale adjustments, when repeated across multiple adjoining lots, can significantly expand foreign control over large subdivisions. The reliance on overseas capital to drive housing development — especially from Chinese State-linked conglomerates — raises questions about long-term affordability, local planning autonomy, and profit repatriation from New Zealand’s housing boom.
See also: May 2024 – Country Garden (NZ) Holdings Ltd land acquisition for Drury residential project, July 2025 – Great Eastern Developments Ltd (China) residential expansion in Papakura.
French-Owned Barker Fruit Processors Expands Timaru Operations
Barker Fruit Processors Limited (France 100%) — a New Zealand-registered company wholly owned by Andros et Cie SAS of France — has received consent to acquire 14.5 hectares of land at 40 Shaw Road, Pleasant Valley, Timaru, valued at $1.414 million. The approval, granted under the Sensitive Land – Benefit Test pathway of the Overseas Investment Act 2005, allows the company to expand its existing fruit and vegetable processing facility.
According to OIO, the land purchase will primarily be used to increase wastewater discharge capacity and support future facility expansion. The OIO determined that the investment would likely deliver “consequential benefits” to New Zealand, including increased capital investment, productivity gains, export growth, and additional employment in the local Timaru region. Barker Fruit Processors, known for producing high-quality preserves, syrups, and fruit ingredients, has operated in the South Canterbury region for decades. Its acquisition by French conglomerate Andros — one of Europe’s largest food manufacturers — brought significant international backing and capital to its operations.
While the OIO cites economic benefits, the decision reflects the continued foreign consolidation of New Zealand’s food processing sector. The purchase, although modest in size, gives Andros further control over strategic land tied to rural infrastructure, wastewater systems, and agricultural supply chains. This may question whether such “benefits” primarily serve local communities or enable transnational corporations to extract higher profits and centralise ownership of New Zealand’s agribusiness assets.
See also: March 2023 – Andros et Cie SAS expansion of Barker’s processing site, Geraldine, July 2024 – Danone SA acquisition of Canterbury dairy plant.
Singapore-Linked Developer Expands Hamilton Housing Footprint
CDL Land New Zealand Limited (Singapore 57%, New Zealand 38%, Various 5%) — majority foreign-owned by Singapore investors (57%) through its parent company, CDL Investments New Zealand Limited — has been granted consent by the OIO to acquire 0.7178 hectares of sensitive land at 186B Gordonton Road, Puketaha, Hamilton, for $1.5 million. The purchase was approved under the Sensitive Land – Benefit Test of the Overseas Investment Act 2005.
The land, currently used as a residential property, will be merged with CDL’s adjoining holdings to enable a residential subdivision project. The planned development will yield ten new residential lots for sale on the open market, while the remaining area will be allocated for roads, footpaths, and streetscape infrastructure. The OIO concluded that the project is likely to deliver benefits to New Zealand through capital investment and supporting the Government’s housing policy objectives, particularly by adding to the national housing supply.
CDL Investments — one of New Zealand’s largest residential developers — has a long-standing presence in the housing market, often acquiring sensitive or semi-rural land for subdivision. Its Singaporean ownership links back to City Developments Limited, a major global real estate group. While the investment ostensibly aligns with national housing goals, the foreign ownership of residential developers like CDL raises concerns about who truly benefits from New Zealand’s housing growth. Profits from such projects often flow offshore, while domestic affordability challenges persist. Additionally, the conversion of semi-rural land for subdivision may contribute to urban sprawl and the erosion of local farmland — trends critics argue are being accelerated by overseas-backed firms seeking profit over sustainability.
See also: February 2024 – CDL Land NZ acquisition of land for subdivision, Christchurch, July 2023 – Singapore-owned entities’ expansion in Hamilton property sector.