Some of those were part of global transactions and the amounts shown are for the full global assets, not just New Zealand assets, a spokesman said.
The dollar value on the application doesn’t necessarily equate to the dollar value of New Zealand assets being traded.
Biggest deal of 2025: $14.6b insurance transaction
Nippon Life Insurance applied for OIO consent for New Zealand assets in its purchase of the global assets of Resolution Life from Blackstone ISG Investment Partners.
Blackstone is 24% owned by Australians, 22% by Japanese and 15% owned by United States interests.
The OIO decision sheet put the transaction as involving $14.6b of assets.
Nippon Life is a Japanese mutual life insurance company ultimately owned by its policyholders.
“It is increasing its ownership interest in Resolution Life Group Holdings, a global insurance, reinsurance and risk transfer company registered in Bermuda,” the OIO application said.
Nippon’s holding would go from 23% to 100%.
Resolution Life specialises in acquiring and managing portfolios of life insurance policies.
Second-biggest: $4.2b Fonterra sale of Mainland, Anchor
French won consent for the deal for Mainland and Anchor brands.
This decision was only published on January 29, 2026.
B.S.A. SAS of France was approved to buy the assets of Fonterra Equities. That is the shares in Mainland Group.
The deal includes Mainland as well as Anchor brands.
Fonterra’s farmers have already voted in favour of the deal and are expected to vote on the $2 per share capital repayment on February 19.
The Herald reported in November a higher-than-expected $4.22b price tag will, analysts estimate, deliver the average farmer about $400,000 tax-free.
In addition, Fonterra will have $1b to spend over the next three to four years on projects to generate further value through its remaining high-performing Ingredients and Foodservice businesses.
Third: $1.3b, UDC Finance
Japan’s SBI Regional Bank Holdings and SBI Holdings applied to buy $4.2b assets from Japan’s SBI Shinsei Bank.
New Zealand’s UDC Finance was named as being involved.
The transaction involved UDC in this country.
These are associated companies selling financial services in Japan and overseas.
“As a result of the transactions, the applicants increased their control in UDC Finance, a wholly owned New Zealand subsidiary of SBI Shinsei,” the decision said.
They actually should have applied three years ago.
Since 2023, the applicants had increased their interests in Shinsei through three unrelated transactions without consent, the OIO said.
The result is they now hold 75% of shares and 100% of voting rights entitlements.
“The applicants self-reported the breach to Linz [Toitū Te Whenua Land Information New Zealand] when they became aware of the breach and retrospective consent was considered to be appropriate, due to the nature of the breach.”
Fourth: $1.2b of forestry assets
Singapore’s Tarus Forest Holdings won consent for a transaction with 68% American-owned Rayonier Operating Company LLC over the sale of Rayonier New Zealand.
That included an indirect interest in forestry land through Rayonier Canterbury LLC’s 76.99% in Matariki Forestry Group.
The land was used for existing forestry, predominantly in at least a second rotation, and this use will continue.
Finance Minister Nicola Willis decided whether applications were contrary to New Zealand’s national interest. Photo / Mark Mitchell
The Minister of Finance Nicola Willis determined that the investment is not contrary to New Zealand’s national interest.
Fifth: $1.1b deal, FNZ Group
The 54% Canadian-owned Falcon Newco and 67% Canadian Acacia Holdings won consent to invest $US700mn ($1.1b) in FNZ Group of the Cayman Islands.
At the centre of this image is 50 Albert St in Auckland, where FNZ has its Auckland offices. Photo / Carson Bluck
FNZ Group and its subsidiaries are a global financial services business that provides investment platforms to major financial institutions, the decision said.
Their Auckland offices are at 50 Albert St.
Falcon and Acacia are investment vehicles for five existing institutional shareholders who have committed further capital of $US700m to FNZ, the OIO said.
“That will support its ongoing success. As part of such further capital commitment, the applicants and/or the relevant shareholders’ investment vehicles may subscribe for certain warrants issued by FNZG, representing a new class of security in FNZG,” the decision said.
Willis also decided this deal was not contrary to New Zealand’s national interests.
Sixth: $909m telecommunications sale
Canadian-owned Caisse de dépôt et placement du Québec won consent to buy half the shares of Frodoco Holdings.
That would give it an interest in sensitive land where mobile communication towers stand, the OIO said.
A Spark cellphone tower. Photo / Paul Estcourt
Frodoco is the parent company of telecommunications infrastructure business Connexa, which owns and operates about 2350 telecommunication towers.
It provides tower infrastructure to a range of telecommunication organisations like Spark and 2degrees.
Connexa was created in late 2022 when Spark sold 70% of its stake in its mobile tower business to the Ontario Teachers’ Plan for $900m.
In June 2023, Connexa bought 2degrees’ cell tower sites for $1.1b. Spark sold its remaining celltowers to Connexa in February 2025.
Seventh: $566m, Kiwi sells lease to ASB
ASB North Wharf: revolutionary open-plan open-floor design. Photo / Richard Robinson
In September, ASB Bank (75% Australian) won consent to buy a leasehold land interest under its national headquarters from Kiwi Property Holdings No 4.
“ASB is acquiring a leasehold interest in commercial office space at 12 Jellicoe Street, North Wharf, Auckland. The rental payable over the lease term qualifies as an overseas investment in significant business assets,” the decision said.
Consent was granted because ASB has met the investor test criteria.
This year, Kiwi announced it had sold the property to Precinct Properties for $205m.
Eighth: $530m retrospective AI deal
One of 2025’s biggest foreign deals involved AI. Image / 123rf
New Zealand artificial intelligence (AI) business Futureverse Corporation, which was placed into liquidation on December 22, got consent to buy shares in eight companies:
Altered State Machine;ATEM Car Club;Centrapass;Centrapay;DN 3010;Immersve;Non Fungible Labs;Untamed Isles.
This was a retrospective application.
Consent had not been obtained before entering the deal on February 23, 2023.
The applicant was NetX Partners and incorporated for the purposes of the deal.
Ninth: $486m for 11 data centres
An artist’s impression of the 40-megawatt data centre Spark will build on the Dairy Flat Surf Park development. The 10MW first stage will take around 18 months to contruct. Image / Spark
Australasian-managed Qubit BidCo won consent to buy 11 data centres from Spark New Zealand Trading, Computer Concepts and Revera, 54% locally-owned.
The data centre business and assets are 100% owned by the vendors.
On completion, Spark New Zealand Trading will become a 25% shareholder in the applicant, the OIO said.
10th: $395m for sensitive Wainui land
PM Nominees C Pty (77% Middle East) won consent to buy sensitive land at Wainui, Auckland from AV-Jennings.
The applicant is controlled by Avid Property Group, one of Australia’s largest property developers, the OIO said.
PM Nominees and Avid Property Group are owned by funds managed or advised by global real estate private equity firm, Proprium Capital Partners, L.P, it said.
As a result of the investment, the applicant will buy an indirect interest in about 71ha.
The vendor is a subsidiary of AVJennings.
The land is in the process of being developed for approximately 575 new housing lots and the applicant will complete that.
Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.
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