Smartpay Set to Exit the ASX in a NZ$1.20 a Share Shift4 Deal
Fund manager Jencay Capital says the takeover ends its stake in a well-managed payments business it still saw growth ahead for
30 Sep 2025 · 2 min read
In short
Smartpay Holdings has entered a scheme of arrangement to be acquired by Shift4 Payments at NZ$1.20 per share.
Fund manager Jencay Capital says the deal would end its position in what it calls a well-managed business with significant growth runway.
If the scheme completes, Smartpay is expected to exit the ASX and Jencay's fund in the following quarter.
Smartpay Holdings is set to exit the ASX altogether, after fund manager Jencay Capital confirmed the New Zealand payments company has entered a scheme of arrangement to be acquired by US-based Shift4 Payments at NZ$1.20 per share.
A takeover ends the ASX chapter for a well-run business
Jencay Capital, describing Smartpay as a leading operator of card payment terminals in New Zealand and a challenger in merchant acquiring in Australia, flagged the Shift4 deal in a September 2025 quarterly report as the likely end point for the position. Shift4, a global payments peer based in the US, is the acquirer under the proposed scheme.
A scheme of arrangement has been entered into with Shift4 Payments, a global payments peer based in the US, at a price of NZ$1.20 per share. If the scheme is successful Smartpay will exit the Fund in the next quarter – which would be a disappointing outcome for a well-managed business with significant growth runway.
— Jencay Capital, Quarterly Report, September 2025
A reluctant farewell
The framing is notable: Jencay's own commentary describes the takeover as a disappointing outcome, not because the price is poor, but because it removes a well-managed business with runway still ahead of it from the portfolio. That tension, between a fair exit for shareholders and the loss of a business the manager still liked owning, is often how these smaller cross-border consolidation deals in payments are viewed by long-term holders.
Questions
Who is acquiring Smartpay Holdings?
Smartpay Holdings has entered a scheme of arrangement to be acquired by Shift4 Payments, a US-based global payments company, at NZ$1.20 per share.
What has fund manager Jencay Capital said about the Smartpay takeover?
Jencay Capital described Smartpay as a well-managed business with significant growth runway, and said the takeover would be a disappointing outcome despite the deal terms, as it would remove the company from its fund.
When is Smartpay expected to exit the ASX?
Jencay Capital said in its September 2025 quarterly report that if the scheme of arrangement is successful, Smartpay would exit the fund in the following quarter.
9 managers, 20 comments, with each manager's latest recorded position.
See SMP