Tanarra Capital backed Global Marketplace, which owns e-commerce events business Click Frenzy, online marketplace Click Central and publisher and e-commerce data platform Power Retail, has reached agreement to buy GrabOne’s business and assets from NZME, the New Zealand owned media and entertainment company, for NZD17.5 million.
GrabOne is one of the largest daily deals and e-commerce sites in New Zealand and sells experiences such as dining and events, travel including holiday and accommodation deals, and products including furniture, food, books, clothing, toys and sporting goods.
Leading law firm, MinterEllisonRuddWatts advised Global Marketplace on the acquisition.
The MinterEllisonRuddWatts team advised on all aspects of the transaction and was led by Corporate Partner Neil Millar and Senior Solicitor Jasmin Matthews. The deal team included IT and IP specialist partners Tom Maasland and Chris Young, Senior Associate James Marriner, senior solicitors Rob Penney and Rachel Hoggard, and Solicitor Georgie Crawford.
On reaching agreement, Neil Millar said: “We are delighted for Global Marketplace as this deal presented the perfect opportunity to expand into the New Zealand market. The combination of the ecommerce, data and digital experience of both businesses will no doubt deliver great outcomes for Global Marketplace and its stakeholders, and add significant talent to an already impressive team.”
The transaction is due to be completed by the end of October 2021.
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