The Pushpay Holdings Ltd (ASX:PPH) share price could push higher on Tuesday after naming a new cornerstone shareholder…
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In early trade in New Zealand, the donation and engagement platform provider’s NZX-listed shares are trading 5% higher.
What did Pushpay announce?
This morning Pushpay revealed that the Huljich family has finally completed the selldown of its holding in the company.
According to the release, Christopher & Banks V Limited, the investment vehicle associated with Peter Huljich and Christopher Huljich, have sold 100% of their remaining shares in Pushpay to leading global investment firm Sixth Street.
In doing so, Pushpay understands that Sixth Street will become its largest shareholder, holding approximately 17.8% of its shares outstanding after the acquisition completes on 30 March 2021.
What is Sixth Street?
The release explains that Sixth Street is a global investment firm with over US$50 billion in assets under management and committed capital.
It was founded in 2009 and has more than 320 team members, including over 145 investment professionals operating from nine locations around the world.
Sixth Street has a long-term oriented and highly flexible capital base, allowing it to invest thematically across sectors, geographies, and asset classes.
Select current and past investments in growth companies include Airbnb, AirTrunk, AvidXchange, Gainsight, Kyriba, MDLIVE, Paycor, PaySimple, Spotify, and SumUp.
Pushpay’s Chairman, Graham Shaw, was delighted to have Sixth Street on board.
He said: “We are delighted to welcome Sixth Street as a cornerstone investor in Pushpay. 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.”
“On behalf of Pushpay, I would also like to sincerely thank Peter and Christopher Huljich for their invaluable contribution and commitment to the business over the past seven years. We are extremely grateful for their support and wish them all the best with their future endeavours.”
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of PUSHPAY FPO NZX. The Motley Fool Australia has recommended PUSHPAY FPO NZX. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.