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NZX and M-co agreement unconditional 5 June 2009
NZX and M-co agreement unconditional 5 June 2009 –
NZX is pleased to advise that all conditions to the Sale and Purchase agreement for the acquisition of the energy and related assets of The Marketplace Company Limited (M-co) have been met today.
This includes all significant contract assignments for the operation of New Zealand’s electricity and gas markets and the transfer of all M-co staff to NZX employment agreements.
The purchase price at settlement will be $13.10 million, plus a 50% payment for the working capital position at closing.
The agreement excludes any assets or operations relating to the Unlisted platform.
Comprehensive integration work by the two businesses is well underway, with most of the preliminary work focusing on uninterrupted transition of the IT infrastructure.
M-co staff expect to be working with their NZX colleagues at NZX by late July.
ENDS
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