Tiger Brokers

BUZZ-Australia's Iress gains on divesting superannuation business

Reuters
Jan 20, 2025
BUZZ-Australia's Iress gains on divesting superannuation business

** Shares of Iress IRE.AX rise 4.6% to A$9.5, their highest level since Jan. 6

** Fintech service provider enters into binding share sale and purchase agreement to divest its superannuation business to pvt firm Apex Group

** Transaction structured to release A$40 mln ($24.80 mln) in cash consideration upon completion; additional payments of up to A$20 mln over 12 months

** Sale completion expected in Q2 of 2025 and subject to Foreign Investment Review Board approval

** Stock rose as much as 5%, their largest intraday gain since Dec. 13, 2024

** Iress up 1.6% YTD, including current session's moves

($1 = 1.6126 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))

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