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Pushpay Holdings Limited (NZX: PPH) to Acquire Resi Media LLC

Monday 23rd August 2021

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Pushpay Holdings Limited is excited to announce that it has entered into a definitive agreement to acquire 100% of the ownership interests in Resi Media LLC (‘Resi’) for US$150 million in cash and Pushpay shares. The acquisition is expected to close by the end of August subject to satisfaction of customary closing conditions.

Resi is a US-based market-leading streaming solutions provider, servicing more than 70% of the Outreach 100 largest churches in the US.

Transaction summary

- Pushpay has agreed to acquire 100% of the ownership interests in Resi for total consideration of US$150 million (subject to customary adjustments to the cash portion of the consideration), representing 8.8x FY21 revenue

- The consideration will comprise US$110 million in cash and US$40 million of Pushpay shares (the “Shares”)

- The cash component of the consideration will be funded by a combination of cash on hand and a senior secured debt facility of US$90 million

- All of the Shares will be subject to a lock-up deed which prohibits the transfer or sale of the Shares during the restricted period, with customary exceptions. 50% of the Shares are restricted for 12 months from closing, 25% for 18 months from closing and the remaining 25% for 24 months from closing

Please see the links below for details

Pushpay to acquire Resi Media LLC, adding its market-leading streaming solutions to Pushpay’s product suite

Pushpay Acquisition of Resi Media LLC Investor Presentation

Source: Pushpay Holdings Limited

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