DLA Piper Assists Happy Valley Nutrition To Secure Overseas Investment Office Consent
Global law firm DLA Piper has assisted premium dairy product manufacturer Happy Valley Nutrition Limited (ASX:HVM) to secure Overseas Investment Office (OIO) consent for the freehold acquisition of over 300 hectares of sensitive land at Otorohanga, and expenditure on significant business assets exceeding NZD100 million. Consent from the OIO allows Happy Valley Nutrition to progress discussions with financiers, advance early site works, tender the main contract for a dairy processing plant and progress securing conditional customer supply agreements.
DLA Piper's team was led by corporate Partner, Martin Thomson, and included Special Counsel, Nicole MacFarlane and Solicitor, Alicia Williams. "The benefits arising from the proposed development were compelling", said Martin Thomson. The application was complex, involving consent for the acquisition of 5 different pieces of sensitive land. These acquisitions required Happy Valley to evidence significant benefits to New Zealand arising from the development and operation of the plant, including the creation of new jobs, increased export receipts and protection of indigenous vegetation and heritage sights.
Happy Valley's CEO Greg Wood said: "This OIO consent is a major development for Happy Valley and delivers value to our company."