NZX's rights issue prospectus details the motives behind its $33 million spend-up, which includes the controversial purchase of a rural publisher.

The stock exchange operator has three acquisitions underway: electricity and gas market operator M-Co, a 50.1% stake in Australian stock exchange company NSX and Country-Wide Publications.

The total cost of these is $33.7 million (at current exchange rates, as the NSX transaction is priced in Australian dollars).

NZX is set to acquire electricity derivatives company M-co, a move that could see the sharemarket operator take out its only core business competitor.

M-co operates markets for electricity, electricity derivatives, gas and carbon. It also owns 50% of NZX's rival exchange, the unregulated Unlisted.

NZX says it is working through a normal acquisition process and expects to conclude a sale and purchase agreement within a month. At this stage a conditional agreement includes M-co’s electricity, gas and carbon trading businesses.