The acquisition will significantly expand the presence of the client in NZ, lead partner says
MinterEllisonRuddWatts is helping a US-based company significantly expand in New Zealand.
The leading firm is acting for Verifone, a digital commerce company, on its acquisition of the New Zealand assets of NZX- and ASX-listed Smartpay for $70m.
Silvana Schenone, partner and head of corporate, leads the MinterEllisonRuddWatts team, which is advising on all aspects of the international transaction. The work includes “negotiating the transaction and bringing specialist support to complete due diligence and significant IP licence agreements,” the firm said.
“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,” Schenone said.
She said that the agreement reached is aligned with the client’s strategic vision and plans for growth.
The MinterEllisonRuddWatts also included partners Mark Stuart (corporate) and Christopher Young (IP), associate Brendon Prebble (corporate), and senior associates Simon Akozu (tax) and Briar Richardson (IP).
The sale, expected to be completed early next year, is subject to approvals from the New Zealand Commerce Commission and Smartpay shareholders. The acquisition 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.
