US-based Verifone signs deal to acquire Smartpay’s NZ assets for $70 million

Leading digital commerce provider, US-based Verifone Inc. is set to acquire the New Zealand assets of NZX and ASX listed company Smartpay.

Top New Zealand law firm, MinterEllisonRuddWatts advised Verifone on its $70 million strategic acquisition.

Head of the firm’s Corporate division, Partner Silvana Schenone led the firm’s deal team on the international transaction, advising on all aspects of the asset sale agreement including negotiating the transaction and bringing specialist support to complete due diligence and significant IP licence agreements.

“This is a fantastic outcome for our client. Verifone’s acquisition of Smartpay’s New Zealand assets represents a significant extension of its presence here, having previously acquired EFTPOS New Zealand from ANZ Bank,” says Silvana Schenone.

“We were delighted to work alongside the team at Verifone to reach an agreement that is aligned with the company’s strategic vision and plans for growth.”

The leading law firm provided pragmatic advice to support the ground-breaking transaction.

The law firm’s deal team also comprised partners Mark Stuart (Corporate) and Christopher Young (IP), associate Brendon Prebble (Corporate), and senior associates Simon Akozu (Tax) and Briar Richardson (IP).

The acquisition, valued at $70 million cash, excludes Smartpay’s Australian business and assets; Smartpay’s Retail Radio business and assets in Australia and New Zealand; and Smartpay’s Alipay and WeChat Pay business and assets in Australia and New Zealand.

The sale is subject to New Zealand Commerce Commission clearance and Smartpay shareholder approval. The sale is expected to complete in early 2020.

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