Raft of firms close £3bn Paysafe deal

Latham & Watkins, Hogan Lovells and Ashurst closed the £3bn purchase of Paysafe by a private equity consortium led by Blackstone and CVC Capital Partners.

The deal sees PI UK Bidco Ltd, a private equity consortium owned by Blackstone and CVC, purchase the Isle of Man-based company for a cash offer worth £2.96bn which equated to 590p per share.

Last month, The Lawyer reported that the deal was in motion for the online payment processing company and that an agreement needed to be made by mid-August.

Hogan Lovells advised Paysafe in the deal and its team was led by corporate partner Maegen Morrison with support from partners Don McGown and John Connell, competition partner Mark Jones and banking partner Roger Tym.

David Walker is Latham’s relationship partner for Blackstone, while Kem Ihenacho fills the same role for CVC. The pair were supported in this deal by public M&A partner Richard Butterwick.

Credit Suisse International (CSI) acted as financial adviser for Paysafe with Ashurst advising CSI on the financing of the deal. The firm’s team was led by corporate partner Karen Davies and banking partner Tim Rennie. Carrie Clay provided counsel for the firm in the deal.

Clifford Chance advised CVC on regulatory issues with antitrust partner Jenine Hulsmann and finance partner Owen Lysak leading for the magic circle firm.

A growing number of private equity houses and consortiums have become interested in online payment methods as French payment firm Ingenico Group purchased its Swedish competitor Bambora for €1.5bn (1.36bn) and London-based private equity house Permira paid $250m (£192m) for a 10 per cent stake in Klarna, another Swedish-based alternative payment platform.

Morrison said: “Private equity houses are interested in them. There’s also still a lot of growth left in this sector. I’ve acted for Paysafe for a number of years. Our regulatory group is close to a number of these types of deals and the fintech side of things has been particularly busy.”

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