Smartpay sells its NZ operations to VeriFone for $70m

Eftpos processor Smartpay Holdings has announced the sale of its New Zealand assets to US-based VeriFone for $70 million at the same time as reporting a $739,000 first-half net loss. Smartpay shares, which had already been rising in recent days, jumped 38.2 percent to 38 cents on the news, giving it a market capitalisation of $65.3 million. The company will use the proceeds of the sale to capitalise its Australian business and repay its bankers. The deal is subject to Commerce Commission clearance, the approval of Smartpay shareholders an...