Huljich family sells $296 million stake in Pushpay to US investment firm
Kiwi rich-listers Christopher Huljich and his son Peter have sold off their 15.7 per cent stake in Pushpay Holdings (ASX:PPH) to a US-based investment firm.
Sixth Street will become the dual-listed donation management platform’s largest shareholder with a 17.8 per cent stake, having bought 25 per cent of the Huljich family’s stake last year.
The 172.9 million shares changed hands for $NZ1.85 apiece, according to a document filed on ASX, giving the transaction a value of $NZ320 million ($296 million).
The Huljich family has invested in Pushpay since 2014. The platform is used to manage donations at more than 10,000 churches and faith-based organisations, mostly in North America.
Sixth Street has invested in a number of fast-growing tech companies including Airbnb, AirTrunk, Kyriba, Paycor, PaySimple, Spotify and SumUp.
“As a highly experienced technology and growth investor with a core thematic focus on the convergence of software and payments, Sixth Street’s global scale and partnership-oriented investing approach brings considerable strength to Pushpay’s shareholder register,” said Pushpay chairman Graham Shaw.
At 10.39am, Pushpay’s ASX-listed shares were up 4.2 per cent to $1.725.