The transaction has a minimum value of €50m or $82.4m. With this opening, Afterpay taps into a BNPL market whose potential value is estimated to exceed €300bn or $494bn.
“This deal required advice and execution in multiple jurisdictions, managing a variety of regulatory and legal environments,” said Sydney-based partnerGuy Sanderson, who was Baker McKenzie’s relationship partner on the transaction.
London-based partnerJames Thompsontook point on the European transaction team alongside associateBen Saraci.Carlos Martin, corporate team leader in the firm’s Madrid office, and associateModesto Puertacontributed significantly as well. Meanwhile,Jaime Denis, who leads the banking and finance team in Madrid, led the team on working on the regulatory aspects of the deal alongside London-based partnerCaitlin McErlane.
London partnerAlistair Craigand associateDaniella Mandelaadvised on the tax aspects, while Madrid partnerRosanna D'Onzaand associatesMarina MartinezandCarmen Gonzalez-Noainassisted on the financing documents.
The deal is expected to be completed in December pending regulatory approval.
