TA Associates deal to buy Craigs stake clears hurdles

The deal has also received Overseas Investment Office approval but remains subject to a court ruling expected in April.

The agreement, announced in December last year, sees Craigs’ existing employee and director shareholders retain the other half of the company’s ownership. The parties have not disclosed how much TA will pay for the half stake in the New Zealand firm.

TA Associates is already an investor in New Zealand with a stake in Fisher Funds (which it is trying to offload), Russell Investments, Betashares and Apex Global.

At the time the deal was made public, Craigs chief executive Simon Tong said the existing team will work closely with TA, and the firm is the ideal partner to help support Craigs’ plans for growth.