The Overseas Investment Office (OIO) has approved the deal by a major overseas investment fund to buy a majority stake in Education Perfect.
Education Perfect was founded by Dunedin brothers Craig and Shane Smith and Scott Cardwell and operates as digital toolkit for teaching and learning for primary and secondary school pupils across the globe.
Yesterday evening the OIO released its decision on the buyout by Highlander III NZ Ltd, worth $435million.
According to Companies Office website, Highlander III NZ Ltd was one of the holding companies that owned Education Perfect Ltd.
Earlier this year, America private equity firm Kohlberg Kravis Roberts (KKR) announced it would take majority ownership alongside Australian private equity firm Five V Capital.
Highlander Investment II Pte Ltd, which is owned by KKR, has a 67.89% stake in the holding company, alongside the Five V Capital and Dunedin-based Aquarius Trustees No990700 Ltd.
In its decision the OIO said that the applicant had satisfied the investor test criterion.
Education Perfect was the first of two business KKR announced its intentions to buy, with it also announcing it would buy bus company Ritchies Transport Ltd.
