Leading global law firm Herbert Smith Freehills has advised Klarna AB on the signing of binding agreements in relation to the acquisition of Billpay GmbH from Wonga Group Limited.
Billpay is one of the leading German online payment providers and was founded in 2009. Klarna hopes to strengthen its position as one of the leading payment providers in Europe through the acquisition as well as accelerate its growth in the region.
The acquisition is subject to approval by the Federal Financial Supervisory Authority in Germany.
The Herbert Smith Freehills team was led by corporate partner Nico Abel in Frankfurt and senior associate Joseph Fisher, assisted by associate Paul Hartley, in London. Frankfurt- based finance partner Julia Mueller and London based partners Will Arrenberg (tax) and Sarah McNally (insurance), also advised on the deal, along with London and Frankfurt-based associates Perminder Gainda, Ruediger Hoffman, Tatiana Guenster, Timo Buehler, Andrey Latyshev and Paul Annabell.
Commenting on the deal, Joseph said: "We were really pleased to have the opportunity to work with Klarna on this transaction. This is an important deal in the financial payments sector and we look forward to working together with the relevant parties to proceed to a smooth closing."
Squire Patton Boggs (UK) LLP advised Wonga.
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