NZ’s Pushpay gets buyout offer, report says BGH Capital makes move

Oct 10 (Reuters) – New Zealand’s Pushpay Holdings Ltd (PPH.NZ) said on Monday it had received a revised, indicative, and non-binding buyout proposal, months after confirming it was in early talks with multiple parties for a potential acquisition.

While the payments firm’s statement did not reveal the identity of the offeror, local media reported Australian private equity BGH Capital had made an offer valuing Pushpay at well above A$1.2 billion (NZ$1.36 billion or $760.08 million).

Pushpay had said in May it was weighing the implications of a deal with two existing shareholders, BGH Capital and U.S.-based investment manager Sixth Street Partners, and a combined buyout offer from them. BGH Capital and Sixth Street hold an aggregate 20.34% in Pushpay.

On Monday, the Auckland-based firm also said it was “continuing to assess whether there was potential for a deal that was in the best interests of its shareholders”.

While BGH Capital could not be reached for a Reuters request for confirmation, Sixth Street did not respond to the request immediately.

Pushpay, which provides a donor management system to faith sector, non-profit organisations and education providers, also did not immediately respond to a request for details on the offer and the bidding party.

NZ-listed shares of Pushpay jumped 3.5% before they were placed on a trading halt.

($1 = 1.5788 Australian dollars)

(1 New Zealand dollar = 0.8845 Australian dollars)

Reporting by Sameer Manekar in Bengaluru; Editing by Savio D’Souza and Uttaresh.V

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