NZ's Warehouse takes 51 percent stake in online retailer

Reuters News
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Posted: Mar 03, 2013 2:42 PM

WELLINGTON (Reuters) - New Zealand's biggest listed retailer The Warehouse Ltd said on Monday it had taken a 51 percent stake in local online retailer Torpedo7 Ltd.

It said it would pay up to NZ$33 million ($27.3 million), with NZ$20 million payable immediately and the rest over three years based on performance.

Torpedo7 operates websites in New Zealand and Australia.

Shares in the Warehouse closed on Friday at NZ$3.56.

(Gyles Beckford)