Commonwealth Coat of Arms

 

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 1 of 2023

Financial Sector (Shareholdings) Act 1998

 

To: The Existing Approval Holders listed in Schedule 1 and the Applicants listed in Schedule 2

 

Since:

 

  1. On 27 July 2022, the Existing Approval Holders were granted approval under subsection 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in Optus Insurance Services Pty Limited ACN 005 711 928 (Optus Insurance) and each of the then financial sector companies (the Existing Approval1);

 

B.            On 25 February 2023, the Existing Approval Holders requested that the Existing Approval be revoked;

 

C.            On 25 February 2023, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in Optus Insurance and each of the financial sector companies listed in Schedule 3;

 

D.            I am satisfied it is in the national interest for the Applicants to hold up to a 100% stake in Optus Insurance and each of the financial sector companies listed in Schedule 3,

 

I, Sharyn Reichstein, a delegate of the Treasurer:

 

(a)          under subsection 18(3) of the Act, revoke the Existing Approval; and

 

(b)          under paragraph 14(1)(a) of the Act, approve each of the Applicants to hold up to a 100% stake in Optus Insurance and the financial sector companies listed in Schedule 3;

 

This instrument commences on the day it is made and remains in force indefinitely. Dated: 27 February 2023

 

 

Formatting Line for Footnote

 

1 Registration number F2022N00175.

Sharyn Reichstein General Manager Insurance Division

Australian Prudential Regulation Authority

 

 

Interpretation

 

Act means the Financial Sector (Shareholdings) Act 1998.

financial sector company has the meaning given in section 3 of the Act.

stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

Schedule 1 – the Existing Approval Holders

  1. Likewize Olive Intermediate Holdings Pty Ltd ACN 656 108 619;
  2. Likewize Olive Holdings Pty Ltd ACN 656 107 970;
  3. Likewize Corp. (Delaware);
  4. Brightstar Global Group Inc. (Delaware);
  5. Resurgent Bidco Inc. (Delaware);
  6. Resurgent Midco Inc. (Delaware);
  7. Resurgent Holdco Inc. (Delaware);
  8. Resurgent Intermediate L.P. (Delaware);
  9. Resurgent TopCo L.P. (Delaware);
  10. BGG Holdco, LLC (Delaware);
  11. Claure Group LLC (Delaware);
  12. Mr. Raul Marcelo Claure;
  13. BCP Brightstar L.P. (Delaware);
  14. Brightstar Capital Partners Fund II, L.P. (Delaware);
  15. Brightstar Capital Partners Replay, L.P. (Delaware);
  16. Brightstar Capital Partners Fund II-A, L.P. (Delaware);
  17. Brightstar Associates II, L.P. (Delaware);
  18. Brightstar GP Investors II, LLC (Delaware); and
  19. Mr. Andrew Weinberg.

 

Schedule 2 – the Applicants

  1. Likewize Olive Intermediate Holdings Pty Ltd ACN 656 108 619;
  2. Likewize Olive Holdings Pty Ltd ACN 656 107 970;
  3. Likewize Corp. (Delaware);
  4. Brightstar Global Group Inc. (Delaware);
  5. Resurgent Bidco Inc. (Delaware);
  6. Resurgent Midco Inc. (Delaware);
  7. Resurgent Holdco Inc. (Delaware);
  8. Resurgent Intermediate L.P. (Delaware);
  9. Resurgent TopCo L.P. (Delaware);
  10. BGG Holdco, LLC (Delaware);
  11. Claure Group LLC (Delaware);
  12. Mr. Raul Marcelo Claure;
  13. BCP Brightstar L.P. (Delaware);
  14. Brightstar Capital Partners Fund II, L.P. (Delaware);
  15. Brightstar Capital Partners Replay, L.P. (Delaware);
  16. Brightstar Capital Partners Fund II-A, L.P. (Delaware);
  17. Brightstar Associates II, L.P. (Delaware);
  18. Brightstar GP Investors II, LLC (Delaware);
  19. Mr. Andrew Weinberg;
  20. Resurgent Newco L.P.; and
  21. Resurgent Newco G.P. LLC.

 

Schedule 3 – the financial sector companies in addition to Optus Insurance

  1. Likewize Olive Intermediate Holdings Pty Ltd ACN 656 108 619;
  2. Likewize Olive Holdings Pty Ltd ACN 656 107 970;
  3. Likewize Corp. (Delaware);
  4. Brightstar Global Group Inc. (Delaware);
  5. Resurgent Bidco Inc. (Delaware);
  6. Resurgent Midco Inc. (Delaware);

7.        Resurgent Holdco Inc. (Delaware); and

8.        Resurgent NewCo L.P.