Here's why the Pushpay (ASX:PPH) share price could surge higher today

The Pushpay Holdings Ltd (ASX:PPH) share price could push higher on Tuesday after naming a new cornerstone shareholder…

| More on:

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Pushpay Holdings Ltd (ASX: PPH) share price will be one to watch this morning following the release of an announcement relating to a new cornerstone investor.

In early trade in New Zealand, the donation and engagement platform provider's NZX-listed shares are trading 5% higher.

What did Pushpay announce?

This morning Pushpay revealed that the Huljich family has finally completed the selldown of its holding in the company.

According to the release, Christopher & Banks V Limited, the investment vehicle associated with Peter Huljich and Christopher Huljich, have sold 100% of their remaining shares in Pushpay to leading global investment firm Sixth Street.

In doing so, Pushpay understands that Sixth Street will become its largest shareholder, holding approximately 17.8% of its shares outstanding after the acquisition completes on 30 March 2021.

What is Sixth Street?

The release explains that Sixth Street is a global investment firm with over US$50 billion in assets under management and committed capital.

It was founded in 2009 and has more than 320 team members, including over 145 investment professionals operating from nine locations around the world.

Sixth Street has a long-term oriented and highly flexible capital base, allowing it to invest thematically across sectors, geographies, and asset classes.

Select current and past investments in growth companies include Airbnb, AirTrunk, AvidXchange, Gainsight, Kyriba, MDLIVE, Paycor, PaySimple, Spotify, and SumUp.

"Delighted"

Pushpay's Chairman, Graham Shaw, was delighted to have Sixth Street on board.

He said: "We are delighted to welcome Sixth Street as a cornerstone investor in Pushpay. As a highly experienced technology and growth investor with a core thematic focus on the convergence of software and payments, Sixth Street's global scale and partnership-oriented investing approach brings considerable strength to Pushpay's shareholder register."

"On behalf of Pushpay, I would also like to sincerely thank Peter and Christopher Huljich for their invaluable contribution and commitment to the business over the past seven years. We are extremely grateful for their support and wish them all the best with their future endeavours."

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of PUSHPAY FPO NZX. The Motley Fool Australia has recommended PUSHPAY FPO NZX. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

Market up or down
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors had a rough end to the week...

Read more »

Man in an office celebrates at he crosses a finish line before his colleagues.
Share Gainers

4 ASX 200 shares racing ahead of the benchmark this week

ASX investors sent these four stocks soaring 12% to 18% this week. But why?

Read more »

Man pointing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why BHP, Coronado Global, EBR Systems, and Whitehaven Coal shares are pushing higher today

These shares are ending the week on a positive note. Let's find out why.

Read more »

a young woman looks happily at her phone in one hand with a selection of shopping bags in her other hand.
BNPL shares

Up 87% since April, why the Zip share price can keep flying higher into 2026

A leading fund manager expects more outsized gains from Zip shares ahead.

Read more »

Person pretends to types on laptop drawn in sand.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a miserly session for investors today.

Read more »

Happy coal miner.
Share Gainers

Up 75% this week, why is this ASX All Ords stock rocketing again today?

Investors are piling into this ASX 300 stock on Wednesday. But why?

Read more »

A young woman smiles as she rides a zip line high above the trees.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a bountiful session for investors this hump day.

Read more »

Man looking happy and excited as he looks at his mobile phone.
Share Gainers

Why Coronado, DroneShield, Lovisa, and Mayne Pharma shares are racing higher today

These shares are having a good time on hump day. But why?

Read more »