Australia's Iress gains on divesting superannuation business
20/01/2025 24:42
** 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;))