Infratil agrees to sell stake in PayGlobal to MYOB, reaping $9.2 mln

Wed, 13 Aug 2014

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 approval...

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