Infratil agrees to sell stake in PayGlobal to MYOB
Infratil agrees to sell stake in PayGlobal to MYOB, reaping $9.2 mln
Aug. 14 (BusinessDesk) - Infratil has agreed to sell its 54 percent stake in shareholding in PayGlobal to MYOB Finance NZ as part of MYOB's takeover of the payroll and HR management software firm.
The Wellington-based investment group said its share of the sale proceeds would be about $9.2 million including a pre-completion dividend and its holding of PayGlobal preference shares. Infratil had its stake in Christchurch-based PayGlobal in its books at a value of $5.89 million as at March 31.
The transaction is subject to various approvals, it said.
The company is currently reviewing its Australian energy retailing operations for potential sale. At its annual meeting this week it said capital spending on its infrastructure portfolio would be between $295 million and $365 million next year, about half last year’s $613.6 million as Australian wind farm investments by TrustPower are completed.
Infratil shares rose 0.2 percent to $2.39 and have gained 5.1 percent this year.