Wellington, Oct 6 NZPA - New Zealand stock exchange operator NZX today announced the purchase of Melbourne-based Clear Group, owner of the Clear Grain Exchange.

The initial purchase price would be about $A6.4 ($NZ7.8) million paid in cash. If significant trading volumes were achieved over three years, an additional payment would be made, NZX said.

The Clear Interactive team would also be focused on developing "further agri-market infrastructure and customer connectivity", which may result in a further asset payment.

Clear Grain Exchange is the Australian grain industry's only full-service electronic market for trading grain.

NZX chief executive Mark Weldon said the transaction brought together two key components of NZX's strategy: trading of agricultural commodities and acquiring technology development expertise to grow markets.

"NZX and Clear both recognise the importance of reliable, efficient and transparent agricultural markets operated on world-class technology and backed by a rich set of information and data," he said.

"This deal combines Clear's technology development expertise and grain market knowledge with NZX's expertise in developing markets and distributing market data and information."

Clear Grain Exchange joins NZ's agricultural data and market information businesses including ProFarmer -- an Australian grain market data business -- and NZX Agrifax, Dairy Week and eight agri-media titles including Farmer's Weekly.

More than 1100 grain growers have active Clear Grain Exchange accounts, and over 100 brokers and over 200 buyers and bulk handlers across Australia are registered with the exchange.

NZX and Clear Group expect the transaction to close later this month.