Private equity investors BGH Capital and Sixth Street offered to buy New Zealand’s Pushpay Holdings for $895m in cash, the payment platform provider said on Friday.
The consortium, which collectively holds a 20.34% stake in Pushpay, offered to buyout the company for NZ$1.34 per share, a 24.7% premium to the stock’s last closing price on Thursday.
The deal comes days after the payment platform confirmed it received a buyout offer without revealing the name of the party, but local media reported that Australian private equity firm BGH Capital had made an offer valuing Pushpay at well above $760m.
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The Auckland-based firm recommended its shareholders to vote in favour of the scheme.
Both BGH Capital and Sixth Street were not immediately available for comment.
BGH was founded by Ben Gray and Simon Harle (formerly partners of TPG Capital) and Robin Bishop (formerly head of Macquarie Capital in Australia and New Zealand).
Founded in 2009, Sixth Street is a global investment firm with over $60 billion in assets under management. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth.
Source: Reuters
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