10:24, July 24 760 0

2017-07-24 10:24:07
Hogan Lovells and Latham lead on consortium’s £2.9bn bid for Paysafe

Hogan Lovells is advising Paysafe in its potential £2.9bn sale to a private equity consortium led by Blackstone and CVC.

The firm’s team is led by London-based corporate partner Meagen Morrison, who is supported by colleagues Don McGown and John Connell. Competition matters are being handled by partner Mark Jones.

Online payments processing company Paysafe is the target of two private equity funds – Blackstone and CVC – which are seeking legal advice from Latham & Watkins.

Latham’s team is being led by City partner duo Richard Butterwick and David Walker.

Clifford Chance is also understood to be advising long-standing client CVC on regulatory issues, while Simpson Thacher & Bartlett is on call in New York for Blackstone. Simpson Thacher is advising on both regulatory and competition aspects of the deal.

Paysafe’s board was approached by the consortium in early May, with the deal proposal rejected initially. The consortium then went back to Paysafe with a higher cash offer of 590 pence per share.

Blackstone and CVC must make a firm offer for Paysafe by mid-August.