Looks back, they done a good deal.
21 October 2020. Westpac has today announced it will be selling its 10.7% stake in Zip Co Limited (ASX: Z1P) (Zip) by way of a fully underwritten book build to institutional investors domiciled in Australia and other relevant jurisdictions1. The offer price for the shares is $6.65 per share, which equates to a discount of 6.07% to Zip’s last closing price of $7.08 on 21 October 2020. The decision reflects Westpac’s approach to simplifying its business and ensuring the efficient use of capital. The sale will add around 8 basis points to Westpac’s common equity tier 1 capital ratio.
WestPac and Fintech, page-2
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Mkt cap ! $3.246M | |||
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