MinterEllisonRuddWatts guides listing of first AI business on the NZX

MinterEllisonRuddWatts has confirmed its role in guiding the first-ever listing of an AI business on the NZX.

The landmark deal sees NZX lister Ascension Capital acquiring Being AI under a conditional agreement valuing Being AI’s portfolio at $45m on the completion date. MinterEllisonRuddWatts advised David McDonald, the co-founder of Being AI.

According to corporate special counsel Igor Drinkovic, the transaction reflects “changing times.” The acquisition is subject to the approval of Ascension Capital shareholders, who are set to make a decision in March.

In line with the deal, 1.8 billion fully paid ordinary shares will be issued to the vendors of Being AI’s business assets, Business Desk NZ reported. Based on Ascension Capital's share price performance, the valuation of Being AI’s portfolio faces a potential adjustment of up to $35m.

Once the acquisition is complete, Ascension Capital will rebrand to "Being AI Limited". McDonald and his Being AI co-founder Katherine Allsopp-Smith will join the Ascension Capital board alongside Sean Joyce and two independent directors.

According to Business Desk NZ, Ascension Capital intends to capitalise most of its debt into new shares and raise capital to finance the growth of its AI consultancy, ventures, and labs divisions.

Being AI is a branch of AI consulting company Being Consultants. Being AI focuses on providing AI sector insights, aiding companies in digital transformations, and investing in AI technologies.