DLA PIPER ADVISES ON TWO BIG TICKET DEALS

DLA PIPER ADVISES ON TWO BIG TICKET DEALS
DLA Piper has recently advised on two major acquisitions, one being the publicised sale of a Brisbane company that stood as Australia’s largest non-bank payment provider.

The team negotiated the sale of Ezi Holdings Pty Limited, more commonly known as Ezidebit, to Global Payments Incorporate, and also the acquisition of MTU Detroit Diesel Australia.

The non-bank merchant acquirer and technology-enabled payment solutions company Ezidebit was sold for $305 million, of which $150 went to its Brisbane entrepreneur founder Michael Dempsey.

DLA Piper represented the founders and shareholders of Ezidebit, advising on all aspects of the transaction and on the ‘dual track’ exit strategy and process, including initial public offering (IPO) and private equity options.

Corporate partners Bryan Pointon and David Ryan led the DLA Piper team which also included partners Lyndon Masters and Peter Jones, senior associates Kelly Morrison and James McCarthy and solicitors Alex Samson, Elliott Cheung and Matthew Blunt.

Pointon deemed the transaction “very successful”.

“The financial technology and payments space has been active for M&A and equity capital markets transactions,” he says.

“We are delighted to have worked with the founders and the Ezidebit management team on this very successful transaction.”

Ezidebit services more than 16,000 businesses and focuses on recurring payments from industries including childcare and health and fitness.

It collects payments from more than 1.25 million consumers and transacts in excess of $3.3 billion annually.

Brisbane partner Lyndon Masters was also part of the team that recently advised on a US automotive acquisition.

Masters headed up the acquisition of MTU Detroit Diesel Australia alongside senior associate Matthew Parkinson, leading the advising of Penske Automotive Group Inc (NYSE: PAG), an international transportation services company, and its Australian subsidiary.

MTU Detroit Diesel Australia is a leading distributor of diesel and gas engines and power systems, operating in Australia, New Zealand and the Pacific.

The transaction is expected to be completed in the fourth quarter of this year, following which MTU Detroit Diesel Australia is expected to contribute an estimated $225 to $250 million in annualised revenue to Penske Automotive Group.


Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Board exodus gathers pace at The Star after O’Neill resigns as chairman

Board exodus gathers pace at The Star after O’Neill resigns as chairman

The Star Entertainment Group (ASX: SGR) is now on the hunt for a ne...

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths (ASX: WOW) is looking to enhance its online marketplace ...

Bendigo-based Apiam Animal Health saddles up with $13.8m acquisitions

Bendigo-based Apiam Animal Health saddles up with $13.8m acquisitions

Vet services business Apiam Animal Health (ASX: AHX) has gone ...

Scrap metal recycler Sims picks up Brisbane port site for $88 million

Scrap metal recycler Sims picks up Brisbane port site for $88 million

In order to acquire one of the few remaining Brisbane sites with de...