Akin Gump Advises Piraeus Bank in €300 Million Sale of Merchant Acquiring Unit
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(London) – Akin Gump is advising Piraeus Bank on the €300 million sale of the Bank’s Merchant Acquiring Unit to Euronet Worldwide and the formation of a long term strategic partnership between the Bank and Euronet Worldwide.
The transaction is the first of its kind in the Greek market and involves the carve-out and sale of Piraeus Bank’s merchant acquiring business unit, as well as the formation of an exclusive long-term sales and distribution partnership, for an initial period of 10 years. Following completion of the transaction, Euronet Worldwide will act as Piraeus Bank’s exclusive long-term partner for the provision of merchant acquiring services to Piraeus Bank customers.
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Akin Gump corporate partner Gavin Weir, who led the team advising Piraeus Bank, stated, “We’re delighted to advise Piraeus Bank on this major strategic transaction, which is the first of its kind in the Greek market. Members of our team have a long-standing relationship with Piraeus Bank and we’re proud that the Bank asked us to support it on such an important project.”
Mr. Weir continued, “We’ve had a very active Q1 on M&A and private equity deals, demonstrating the continued growth of our London M&A/PE team which is involved in some of the most complex and dynamic transactions in the market. We expect a lot more deal activity in the coming months.”
In addition to Mr. Weir, the Akin Gump team advising Piraeus Bank on M&A aspects of the transaction included corporate associate Christopher Beardmore and counsel Rob Whittle. Partner Davina Garrod and counsel Scott Pettifor advised on antitrust matters.
Last month, Mr. Weir led the Akin Gump team advising Mediobanca and Cairn Capital Group Ltd. in a strategic partnership to acquire Bybrook Capital LLP. (Click here to learn more.) He also was one of the authors of Akin Gump’s “Global Private Equity/M&A Survey 2021: Opportunities Ahead,” a report based on a fourth quarter 2020 survey of more than 120 senior private equity and corporate dealmakers who shared their views on the year ahead. (Click here to read.)
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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