NZX is pleased to advise that all conditions to the Sale and Purchase agreement for the acquisition of the assets of Melbourne-based Clear Group - comprising in particular, CLEAR Commodities, the CLEAR Grain Exchange and CLEAR Interactive, the technology developer of the CLEAR Grain Exchange - have been met today.
This includes all significant contract assignments for the operation of the only full-service electronic market for the trading of grain in Australia, and transfer of CLEAR staff to NZX employment agreements.
The initial purchase price is approximately AUD$6.4 million paid in cash. If significant trading volumes are achieved over a three-year period, the increasing value of the grain platform will be recognised and an additional payment made.
The CLEAR Interactive team will also be focused on developing further ?agri-market infrastructure and customer connectivity, which may result in a further asset payment.
Following a successful 2009/2010 grain harvest, the CLEAR team will be working with their NZX colleagues on synergies for technology development and operations across markets.