23.10.2020
With one of Dr. Florian Becker (Munich) and Dr. Sascha Leske (New York) team led the insolvency administrator of Wirecard AG, lawyer Dr. Michael Jaffé from of the Law firm JAFFÉ Rechtsanwälte Insolvency Administrator, advised on the successful sale of Wirecard North America Inc. to the financial holding company Syncapay Inc. As part of the transaction, funds advised by Centerbridge will take over the majority of Syncapay. Other Syncapay shareholders are Bain Capital Ventures, Silversmith Capital Partners, MissionOG and NYCA.
Wirecard North America is one of the market leaders in the USA for the issuing of prepaid credit cards for payouts, incentive and compensation payments. Wirecard North America will be renamed NorthLane and will be managed by Syncapay alongside daVinci Payments, the service provider acquired in 2017.
The completion of the transaction is still subject to the approval of the regulatory authorities.
As lead counsel for the transaction, which is structured under German law, Noerr also comprehensively derived from the Dr. Sascha Leske’s New York office. The transaction was preceded by an intensive and complex bidding process, which was accompanied by the investment bank Moelis.
Consultant:
Insolvency administrator Wirecard AG, lawyer Dr. Michael Jaffé:
JAFFÉ Lawyers Insolvency Administrator: Dr. Michael Schuster, Dr. Lothar Czaja
Noerr LLP:
Dr. Florian Becker (Corporate / M & A, Munich), Dr. Sascha Leske (Private Equity, New York, joint lead), Prof. Dr. Christian Pleisterve (Private Equity, Berlin / Frankfurt), Dr. Torsten Kraul (Digital Business, Berlin), Dr. Christoph Rieken (IP, Munich), Dr. Kathrin Westermann (Antitrust Law, Berlin), Robert Korndörfer (Corporate / M & A, Munich)
Associates: Hannah Lee-Wunderlich (Private Equity, New York), Hannes Butz (Banking & Finance, Frankfurt), Johannes Pfeiffer (Corporate/M&A, München), Aleksandra Vujinovic (Corporate/M&A, Frankfurt),
Adviser to Wirecard (on US law): Ropes & Gray LLP (Bob Rivollier, Matt Jacobson, Tristan Evans-Wilent)
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