Fisher & Paykel Finance acquisition
Earlier this month, FlexiGroup announced the completion of our acquisition of Fisher & Paykel Finance.
This is a transformational deal for our company, as it not only marks the largest acquisition in Flexi’s history, but positions the group as one of the leading Trans-Tasman providers of non-bank financial services.
Fisher & Paykel Finance enhances our access to New Zealand industry channels (a growing opportunity for us), creating significant and diverse scale across the two countries.
This deal has provided the opportunity for F&P Finance to leverage Flexi's infrastructure, funding power, and product suite.
Now that the transaction has closed, and all conditions have been completed – including approvals from the Reserve Bank of New Zealand and Overseas Investment Office – our well-performing Cards business will represent approximately 40% of the business from a receivables perspective.
We have also advised that our FY16 Cash NPAT guidance will increase to include the earnings contribution from Fisher & Paykel Finance for the remainder of FY16.
Thanks to our staff, channel partners and shareholders for your continued support throughout the transaction.
Thursday, March 31, 2016