Payments technology company Tyro has withdrawn from its proposal to acquire fellow Australian/New Zealand paytech Smartpay.
Smartpay confirmed it has accepted the buyout offer from an undisclosed “international strategic”, settling on a cash offer of NZ$1.20 (AU$1.12) per share.
The deal was confirmed before the completion of due diligence by Tyro and receipt of an update to its cash and scrip synergistic merger proposal.
Smartpay confirmed that it had, on 25 April, received a revised conditional, non-binding indicative proposal from the international party to fully acquire its business, which it has since accepted.
Tyro previously offered $NZ1 ($AU 0.91) a share to acquire the rival payments technology and EFTPOS terminal supplier.
Among Smartpay’s pre-sale ownership group include Anacacia Capital, which owns 17 per cent of the company, followed by Milford (14.9 per cent), Wilson Asset Management (12 per cent) and Microequities Asset Management (13.5 per cent).
The company reported a pre-tax profit of $8.8 million in FY24, up 16 per cent on the previous year, with revenue of $96.5 million.
