A deal for FlexiGroup to secure Fisher & Paykel Finance, is expected to be signed in New Zealand this week. The offer was said to be around the $NZ300 million mark.
Both FlexiGroup and Fisher & Paykel, advised by Credit Suisse affiliate First NZ Capital, are believed to be happy with the terms of the offer and are working out the final details of the deal.
The Auckland-based finance company provides credit products including the Q-card and a credit card associated with department chain Farmers, along with business finance.
FlexiGroup had been regarded as the frontrunner to take out Fisher & Paykel but the leasing group has been rocked by a string of high-profile exits. Former chief executive Tarek Robbiati left FlexiGroup in June, while former chairman Chris Beare and director Anne Ward both stepped down last month, prompting the share price to fall 17%.