One ASX All Ords stock is breaking away from the broader market trend today after a major acquisition announcement.

In morning trade, Smartpay Holdings Ltd (ASX: SMP) surged 12% to $1.05—even as the All Ordinaries index slipped 0.95%.

What’s Behind Smartpay’s Share Price Jump?

Investors are piling into Smartpay after it announced a takeover deal with US-based fintech company Shift4 Payments.

Shift4 is a global payments platform that processes over US$260 billion annually, serving more than 200,000 customers across 45+ countries and 100+ payment methods.

Under a new scheme implementation agreement, Shift4 will acquire all shares of Smartpay for NZ$1.20 (A$1.11) per share in cash. This values Smartpay at roughly A$274 million in equity and A$283 million in enterprise value.

A Premium Worth Noticing

The deal price represents a 46.5% premium to Smartpay’s 90-day volume-weighted average price (VWAP) of NZ$0.82. That’s an acquisition multiple of 14.2x Smartpay’s FY25 normalised EBITDA, excluding New Zealand investment costs.

Shift4 has labeled this offer as its “best and final price”, unless a competing bid appears.

The Smartpay board has unanimously endorsed the deal, subject to:

• An independent expert confirming it’s in the best interest of shareholders
• No competing superior offers

Smartpay’s largest shareholder, Microequities Asset Management (ASX: MAM), which owns about 13.3% of the stock, has voiced full support and intends to vote in favour.

Leadership Comments on the Deal

CEO Marty Pomeroy said:

“Smartpay remains focused on being the payments partner of choice, investing and adding scale to our existing Australian and New Zealand business. The proposed transaction, if completed, will see Shift4 partner with Smartpay to deliver an enhanced value proposition to our customers, employees and other stakeholders while delivering immediate and derisked value to our current shareholders.”

This confidence is helping position Smartpay among the top stocks to look out for on the ASX right now.

What’s Next for the Takeover?

The deal still needs to pass key conditions, including:

• Shareholder approval
• Clearance under the NZ Overseas Investment Act
• Final green light from the NZ High Court

A special shareholder meeting is expected in Q3 2025 to vote on the scheme.

Meanwhile, the news has rattled competitors. Tyro Payments Ltd (ASX: TYR) shares are sliding today. Tyro had previously submitted its own NZ$1.20 bid for Smartpay, but Shift4 seems to have edged it out with better terms and stronger backing.

With this development, Smartpay is now firmly on the radar among active ASX All Ords traders and those watching the ASX tech and fintech sectors for momentum plays and merger-driven gains.

This could mark the start of further consolidation moves in the space—making it one of the ASX stories to track closely in the months ahead.

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