Deal Description: May 20, 2019 – Flex-e-Card Limited (FEC), a FinTech company providing gift card solutions to the shopping mall sector, with 226 shopping centres under contract across Europe and the United Arab Emirates has agreed to its acquisition by EML Payments Limited (ASX: EML) (EML). EML provides prepaid payment services in Australia, Europe, and North America and issues mobile, virtual, and physical card solutions for payouts, gifts, incentives and rewards, and supplier payments.
On 17 May 2019 (London), EML executed a Share Purchase Agreement (SPA) to acquire 100% ownership share in FEC for a total consideration of £21.6 million. The transaction is expected to complete on 28 June, subject to satisfaction or waiver of conditions precedent.
Baker Botts acted as legal advisor to FEC. Lock Lorde acted as legal advisor to EML.
Baker Botts Lawyers/Office Involved:
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