Business
Westpac sells Zip stake the day after big Afterpay deal – The Australian Financial Review
The bank will rake in $366 million from the sale, but has pledged to stay close to Zip even though it has just backed its buy now, pay later rival.
Westpac will book a big profit from the sale of its stock: it invested in Zip directly not via its venture capital fund Reinventure Group in 2017 with a $40 million cheque, backing this up with a further $9 million in 2019.
At the offer price of $6.65, a discount of 6 per cent to Zips closing price of $7.08 on Wednesday, the bank will rake in $366 million from the sale of its 55 million shares.
Zip’s stock was flat on Wednesday after slight gains on Tuesday following a deal with Visa, Apple and…
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