Lovells have acted for First Data on an agreement with Warburg Pincus on the divesture of 100% of the shares in easycash GmbH.
Detail: First Data sold easycash in a competitive auction process which attracted the interest of a large number of both industrial buyers and financial investors. The divestiture had been requested by the German cartel office when First Data acquired GZS Gesellschaft für Zahlungssysteme mbH in June 2006. We advised First Data on the organization of the divestiture and auction process and the on sale of easycash under an innovative deal structure, minimizing the liability exposure for our client. The team has been led by Tim Brandi (corporate) with support from Martin Sura (competition) and Michael Dettmeier (tax).
Comment: This was the first major forced divestiture advised on by the German Lovells corporate and competition team. The completion of the transaction is subject to approval of the German Federal Cartel Office.