Live Nation NZ and MHC Investments have been cleared to acquire Auckland’s 12,000-capacity Vector Arena in New Zealand for an undisclosed sum.

Live Nation NZ and MHC will buy all the shares of EVENZ, the owner of NZ Venue & Event Management, which is the beneficiary of the QPAM trust that owns and operates Vector Arena, according to the decision by the Overseas Investment Office.

Under the terms of a development agreement with Auckland Council-controlled Regional Facilities Auckland, the arena ...