NZX buys Craigs' QuayStreet for up to $50m

(Image: NZX)

Wed, 23 Nov 2022

NZX is beefing up its burgeoning funds management business, buying QuayStreet Asset Management from Craigs Investment Partners for up to $50 million. The stock market operator's Smartshares subsidiary will pay $31.25m upfront of which $22.5m will be in cash and a further $8.75m of shares priced at $1.332 each, a 10% premium of the five-day volume weighted average price. That would see the NZX issue roughly 6.6 million shares to the investment firm, or 2% of the stock exchange's existing stock on issue. NZX will pay up to $18.7...

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