Smartpay (SPY NZ/SMP AU) Enters Into Scheme With Shift4

• Eftpos terminal provider Smartpay Holdings (SPY NZ/SMP AU) has now entered into a Scheme Implementation Deed with Shift4 Payments (FOUR US).

• Shift4 is offering NZ$1.20, the same price as that under the NBIO announced early last month. It's a 46.05% premium to the 90-day VWAP, and 14.2x normalised FY25 EBITDA.

• The Offer has the unanimous backing of both boards, and also has the backing from Microequities holding 13.3% of shares out. Implementation expected in 4Q25.

Smartpay is illiquid - look away now if this is not your thing.

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The Trade:

• This looks like a clean deal.

• If small illiquid arbs are your bag, I'd pay up to NZ$1.13/share, assuming mid-Nov payment.

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The NEW News

• By way of a Scheme, Shift4 is offering to acquire all shares of Smartpay Holdings (SPY NZ) at NZ$1.20/share, a ~90.5% premium to undisturbed, a 46.5% premium to the 90-day VWAP; an EV of NZ$306mn; and a 14.2x FY25 normalised EBITDA.

  • Here is the SID announcement, and here is the SID.