Chamberlain finally sells KiwiSaver business

SuperLife, like Smartshares runs a funds management business based on passive management funds.

Good Returns understands from reliable sources that the SuperLife business has been on the market for some time and price had always been a sticking point with previous purchasers.

NZX will be making an initial payment of $20 million funded through $10 million of bank debt and issuance of $10 million of NZX shares to the vendors which are subject to disposal restrictions. Further payments of up to $15 million are based on retention and growth of the funds under management over a three year period. These further payments, if targets are achieved, will be $5 million of NZX shares and up to $10 million in cash.

SuperLife has more than $1.27 billion of funds under management and 41,000 members.