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Eversheds Sutherland advises Pembroke Investments on the disposal of Prepaid Financial Services to EML

  • Global
  • United Kingdom

    13-11-2019

    Eversheds Sutherland has advised Pembroke Investments Limited on its agreed sale of Prepaid Financial Services (Ireland) Limited (PFS), a multi-award winning European provider of white label payments and banking-as-a-service technology, to card solutions provider and Australian-listed EML Payments Limited (EML).

    Founded in 2008 by Noel Moran, PFS is one of Europe's largest issuers of e-money, operating in 24 countries.

    The sale, which is subject to regulatory approval, is for an upfront enterprise value of £226 million on a cash free debt free basis, plus an earn-out component of up to £55 million.

    The Eversheds Sutherland team was led by corporate Partner Jon Cox-Brown and comprised Partners Julia Woodward-Carlton (competition), Stephen Nash (capital markets), Colin Askew (tax) and Enda Cullivan (corporate, Ireland).

    The wider team included Legal Director James Vernon (corporate), Senior Associates Tom Goff (corporate), Elizabeth Blackwell (corporate) and Greg Hayes (competition), and Associates Laurence Wilcox (corporate) and Jess Jesson (commercial).

    Jon Cox-Brown commented:

    “This is an exciting time for fintech businesses, with significant global interest. We were delighted to work with Noel and his team on this transaction: it was a real team effort, requiring a highly coordinated approach, across numerous time zones, to deliver to a highly demanding timetable.”

    Noel Moran commented:

    “The completion of this deal is a significant part of our business strategy and one that reinforces our strong position within the market. The Eversheds Sutherland team was impressive and guided us through a complex, time-critical process with high quality pro-active legal advice and demonstrable transactional experience. We couldn’t be more delighted.”

    Keefe, Bruyette & Woods’ Financial technology Investment Banking team is acting as financial adviser to the selling shareholders.

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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