Shift4 gets approval for Smartpay acquisition

Shift4 Payments has obtained the necessary consent under the Overseas Investment Act for its proposed acquisition of Smartpay.

The scheme of arrangement, under which Shift4 would acquire all the shares in Smartpay for $1.20 per share in cash, is now one step closer to completion.

However, the scheme is still subject to various other conditions, including the approval of Smartpay shareholders and the absence of any material adverse change.