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Zip to buy global installment payment provider PartPay for NZ$65.8M

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Zip to buy global installment payment provider PartPay for NZ$65.8M

Australia's Zip Co Ltd. said Aug. 20 it agreed to acquire New Zealand-headquartered global installment technology platform PartPay Ltd. for NZ$65.8 million.

The deal, expected to close by end-October, is subject to shareholder approval and involves a combination of cash and an issuance of new Zip shares. PartPay's key management team, including founder John O'Sullivan, will remain with the business after the transaction.

As part of the deal, Zip also agreed to invest approximately US$11.4 million into QuadPay Inc. in which PartPay has a stake of 8.9%. The investment is expected to be finalized by no later Sept. 27, and will boost Zip's stake in QuadPay to 15%, according to a release.

PartPay's acquisition will help Zip gain presence in New Zealand and the U.K. via PartPay's wholly owned operations, as well as a 25% strategic stake in the target company's South African unit, Payflex.

Monash Private Capital is corporate adviser and Arnold Bloch Leibler legal adviser for Zip, while Sturt Capital Partners is corporate adviser and Bell Gully is legal adviser for PartPay in the deal.

As of Aug. 20, US$1 was equivalent to NZ$1.56.