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Xero Rises After Facebook Director Thiel Buys Stake

Oct. 22 (Bloomberg) -- Xero Ltd. is headed for its biggest gain in almost three months in Wellington trading after the New Zealand accounting software developer said San Francisco-based Peter Thiel plans to buy shares in the business.

Thiel, co-founder of PayPal and a director of Facebook Inc, will invest NZ$4 million ($3 million) through a share placement at NZ$1.4918 a share, Xero said in a statement. The stock rose 6 percent, the biggest gain since July 23, after earlier surging 17 percent.

Xero shares rose 9 cents to NZ$1.58 at the 5 p.m. market close in Wellington.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.

To contact the editor responsible for this story: Iain Wilson iwilson2@bloomberg.net

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