Kiwi church payment company Pushpay to delist after sale for over $1.6 billion

Wednesday, 10 May 2023

Pushpay on a mobile phone and laptop computer

Church donation and management software company Pushpay has been sold to a consortium linked to a Melbourne-based private equity firm, and will be delisted from the ASX and NZX.

Existing shareholders will be paid $1.42 per share, and it is expected the delisting will occur on May 12.

The sale was made to Pegasus Bidco. Pushpay identified the takeover being made by a United States investment firm Sixth Street Partners and Australian private equity firm BGH Capital, which together held 20.3% of shares.

Pushpay’s share price benefited heavily during Covid-19, as the company pivoted to specialise in the American mega church sector, allowing churches to collect donations when services were paused during lockdown.

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At their height in October 2020, shares were trading for $2.33.

Shareholders voted on the sale, with 93.70% of all votes cast (excluding abstentions) in favour.

A previous recommendation of $1.34 a share was rejected by shareholders.

In an announcement to the NZX, Pushpay Holdings stated the High Court had issued final orders approving the scheme of arrangement with Pegasus Bidco Limited.

“Further to the announcement, NZX Operations advises of the intention for PPH ordinary shares to delist from the NZX Main Board,” the announcement read.

“The final day of trading in PPH ordinary shares will be Wednesday, May 10, 2023, with trading in PPH being halted and suspended at close of business.

“The record date for determining shareholder entitlements to participate in the scheme is Friday May 12, 2023.”

BGH Capital was founded in 2017 by Robin Bishop, Ben Gray and Simon Harle, and is described online as an independent firm, owned and managed by its founding partners and headquarters in Melbourne.

The company reports to have $6.4 billion under management, between two separate funds.