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Business.Scoop » NZX Buys QuayStreet, Signs Distribution Agreement With Craigs

Business Scoop provides news and views on Business and Markets from New Zealand ....

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NZX Buys QuayStreet, Signs Agreement With Craigs

<p><strong>TRANSACTION HIGHLIGHTS</strong>:</p> <ul> <li>NZX to acquire the management rights of QuayStreet (and its $1.6 billion in funds under management) from Craigs Investment Partners for upfront consideration of $31.25 million, to be satisfied by a $22.5 million cash payment and the issuance of $8.75 million of NZX shares (at a 10% premium to the five-day volume-weighted average price).</li> <li>Potential earn-out consideration of up to $18.75 million, based on net FUM inflows from the Craigs network over a three-year period.</li> <li>Product support and distribution agreement agreed as part of landmark deal.</li> <li>Acquisition expected to have a full year equivalent operating earnings contribution of between $3.3 million to $3.6 million in FY23. This excludes transaction costs, internal and external integration costs (circa $4 million over two years), depreciati ....

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