Baycorp buys into Australian partner

The company said the 8.5% stake had been built over a number of months at prices ranging between A$4.00 and A$4.90, saying recent market conditions had provided an opportunity to purchase a significant number of additional shares. The average price paid was A$4.59.

It says subsequent to its earlier announcement it has been offered, and acquired, additional shares in Data Advantage Group, taking its interest to of 9.9% at an average price of A$4.64.

Baycorp chairman Rosanne Meo says the investment is consistent with the company's regional growth strategy and reflects the convergence across the financial and business sectors.

"Through our initial joint venture with Data Advantage and the Commonwealth Bank of Australia, Baycorp has gained greater appreciation of the scope that exists to develop the Australasian market further and we are keen to pursue opportunities with key players in the sector."

Baycorp, Data Advantage and Commonwealth Bank own equal shares in the Australian joint venture, Alliance Group.

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