“NZ” Company Sold From One Foreign Owner To Another
Bentley Systems Incorporated (United States 86%, Germany 14%) got OIO approval to buy Seequent Holdings Ltd (United States 46%; New Zealand 9%; Various 45%) for approximately $1.46 billion. To quote the OIO: “The Applicant, Bentley Systems Incorporated is a large-scale United States based infrastructure engineering software company, with offices and customers around the world”.
“The Target, Seequent Holdings Limited, is a leader in geoscience software that enables decision making in the mining and exploration, civil engineering, environmental, and energy sectors. Seequent’s head office is in Christchurch, and it has offices outside of New Zealand in Australia, Brazil, Canada, Chile, Peru, Russia, South Africa, the United States, and the United Kingdom. The Applicant 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 Applicant has also demonstrated financial commitment to the investment”.
“Seequent is a New Zealand success story, having grown from one employee in 2004 to 173 New Zealand staff and a total of 430 globally today. Seequent is 75% owned by US private investor Accel-KKR Capital Partners following a reported $100m equity raising deal in 2018. Wellington-based Pencarrow Private Equity holds a 9% stake with Maloney retaining 3.5%”.
“Seequent’s headquarters and main R&D centre will remain in Christchurch following the completion of this transaction” (New Zealand Herald, 12/3/21). This “New Zealand success story” was already American-owned, so Seequent is simply being on-sold to another foreign owner.
The full June 2021 Decisions are here:
Kaingaroa Timberlands Partnership; Danfoss Power Solutions 11 Limited; The a2 Milk Company Limited; Fletcher Concrete and Infrastructure Limited; Adamantem Capital Management Pty Limited; Imola Acquisition Corporation; PISA Obligor Co 1 Pty Ltd; Bentley Systems Incorporated; Ernslaw One Limited; Voyage Australia Pty Limited; Herens HoldCo AG; EverCommerce Solutions Inc.; Grand Equity Investment New Zealand Limited; Corisol New Zealand Limited; CK Amarillo LP;