Smartpay Holdings Limited (ASX:SMP) Announces Acquisition by Shift4 Payments
Acquisition Details
Shift4 Payments, LLC has entered into a Scheme Implementation Agreement to acquire all outstanding shares of Smartpay Holdings Limited (ASX:SMP) at a consideration of NZ$1.20 per share. The transaction is subject to shareholder approval and regulatory conditions under the Companies Act 1993.
Financial Terms
The total consideration for the acquisition amounts to NZ$290,536,074, reflecting a per-share price of NZ$1.20. Payments will be managed through a trust account operated by Computershare Investor Services Limited, ensuring secure and timely delivery to Scheme Shareholders.
Implementation Timeline
The Scheme is expected to gain approval from the High Court of New Zealand, with Final Orders anticipated by the Second Court Date. The Implementation Date is scheduled two business days after the Record Date, contingent upon the satisfaction of all conditions precedent.
Conditions
Key conditions for the acquisition include regulatory approvals from the New Zealand Overseas Investment Office and the absence of any Competing Proposals. Additionally, the Scheme requires unanimous shareholder approval at the Scheme Meeting.
Future Outlook
Upon successful completion of the acquisition, Shift4 Payments aims to integrate Smartpay’s operations to enhance its payment processing capabilities and expand its market presence in the Australasian region.
Motley Fool contributor Aaron Shaw has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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