Vero Insurance’s proposal to acquire Tower Limited is one of the most notable among a series of big deals by foreigners buying New Zealand assets this year.

The Overseas Investment Office data showed foreigners were granted consent to buy $2.7 billion worth of New Zealand assets so far this year, up $1 billion on this time last year, a report from the NZ Herald said.

Vero Insurance New Zealand has proposed an acquisition of up to 100% of the shares of Tower Limited, a net investment of $174,325,000.

The Vero takeover consolidates Suncorp's business in New Zealand. The “combined business would generate significant shareholder value through operating efficiencies, as well as reinsurance and technology synergies,” the report said.

Vero, 74% Australian-owned, is part of Suncorp Group Limited, a company incorporated in Australia and listed on the ASX.

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