Bettcher Industries gets OIO approval for MHM acquisition

The Overseas Investment Office (OIO) has granted consent to Bettcher Industries to acquire MHM Automation.

Bettcher, through its subsidiary Merlin NZD Bidco, will be acquiring 100% of MHM.

This approval from the OIO is seen as a significant step in the proposed acquisition, which is planned to be done through a scheme of arrangement.

The acquisition is still subject to the approval of MHM's shareholders and the High Court.

If all conditions are met, the scheme is expected to be implemented in early March 2024.