Verifone gets approval to acquire smartpay | NZ Market Update

  • Jun 12, 2020 NZST
  • Team Kalkine

The New Zealand sharemarket has opened sharply lower this morning following the overnight slide on Wall Street. The benchmark top 50 index is down more than 410 points or about 3.7 percent in early trading, the biggest fall since mid-March.

MediaWorks has slumped to a $25.14 million loss and says material uncertainties impacting earnings may cast "significant doubt" on the group's ability to continue as a going concern. Financial statements for the year to December 2019 report the company's total liabilities more than doubled during the year to $296.34m ($138m in 2018) with borrowings of $133.1m at balance date.

Verifone has been seeking competition clearance to buy the local rival in NZ and with commerce commission granting permission to acquire Smartpay and its subsidiaries' assets, the road to merging of two rivals look clear. The commerce commission, while giving the consent maintained that the proposed merger is not going to reduce competition in any New Zealand market substantially.

Verifone Gets Approval to Acquire Smartpay

#Stockmarkets #NewZealand #Verifone #Kalkine

 


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