Sixth Street Partners, LLC and BGH Capital agreed to acquire remaining 79.7% stake in Pushpay Holdings Limited (NZSE:PPH) from Accident Compensation Corporation, ANZ Investment Bank, Nikko Asset Management Co., Ltd, Fisher Funds Management Limited and other shareholders for NZD 1.3 billion on October 28, 2022. The offer price is NZD 1.34 per share. The offer will be implemented by Scheme of Arrangement. The Scheme has been unanimously recommended by the Non-Conflicted Directors of Pushpay. The Scheme is subject to Pushpay shareholder and New Zealand High Court approvals, New Zealand Overseas Investment Office consent and the expiry or termination of applicable waiting periods under US anti-trust legislation. It is also subject to other customary conditions, including the absence of material adverse changes. As of February 20, 2023, ACC intends to vote against the acquisition. On February 23, 2022, Pushpay reported that three shareholders had each respectively made public statements of their intention to vote against the Scheme of Arrangement under which Pegasus BidCo Limited proposes to acquire all of the shares in the Company. As of March 3, 2023, the transaction was not approved by the shareholders. Pushpay agree to hold another shareholder meeting. If agreement to hold another meeting did not occur, either party could terminate the Scheme Implementation Agreement. Pushpay and the Bidder have agreed to extend the termination of transaction by March 13, 2023. On March 14, 2023, Parties of transaction agreed to extend termination date on March 15, 2023. As of April 27, 2023, the scheme has been approved by the shareholders of Pushpay. If all the conditions are satisfied, the Scheme is expected to be implemented by early Q2 2023. As of April 27, 2023, implementation of the scheme is expected on May 19, 2023. As of May 10, 2023, the transaction has been approved by the High Court.

Goldman Sachs as acted as financial adviser, Harmos Horton Lusk as lead transaction counsel and Shearman & Sterling as US counsel to Pushpay Holdings Limited. Matthew Guercio, Jonathan Kubek and Jason Pearl of Willkie Farr & Gallagher LLP acted as US counsel and finance counsel to Sixth Street Partners, LLC and BGH Capital. Macquarie Securities (Australia) Ltd. acted as financial advisor to Sixth Street Partners, LLC.

Sixth Street Partners, LLC and BGH Capital completed the acquisition of remaining 79.7% stake in Pushpay Holdings Limited (NZSE:PPH) from Accident Compensation Corporation, ANZ Investment Bank, Nikko Asset Management Co., Ltd, Fisher Funds Management Limited and other shareholders for NZD 1.3 billion on May 19, 2023.