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.
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Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.