Plesner acts for Vipps on three-way Nordic merger with MobilePay and Pivo
30 June 2021
Plesner has acted for Vipps (the Norwegian mobile payments market-leader owned by DNB and other Norwegian banks) in connection with the negotiation of an agreement with Danske Bank and OP Financial Group regarding a merger of Vipps, MobilePay and Pivo (the Finnish mobile payments market-leader). The merger will create a Nordic payments champion that, with 11 million users and 330,000 connected shops and businesses, is big enough to compete with Big Tech payments solutions. The transaction is conditional on competition clearance and local financial supervisory approvals of extensive corporate reorganisations of the three merging groups.
Following the merger, the new company will be owned by bank benks behind Vipps (65%), Danske Bank (25%) and OP Financial Group (10%) and will be one of the largest bank-owned mobile payment providers in Europe. The company is expected to realise significant synergies relating to e.g. product development and innovation - particularly within e-commerce.
MobilePay will continue as a brand in those countries where is operates today but will, like the other participating payment solutions, be based on a shared IT platform based on Vipps' current IT systems.
In addition to extensive M&A advice, Plesner's advice has, among others, included regulatory and corporate advice regarding the complex pre- and post-closing reorganisations in the merging groups resulting from the transaction.
Plesner's team consisted of Rasmus Mandøe Jensen, Henrik Rossing Lønberg, Alexandra Jakobsen and Jonathan Jordan.
Read Danske Bank's company announcement regarding the transaction
MobilePay will continue as a brand in those countries where is operates today but will, like the other participating payment solutions, be based on a shared IT platform based on Vipps' current IT systems.
In addition to extensive M&A advice, Plesner's advice has, among others, included regulatory and corporate advice regarding the complex pre- and post-closing reorganisations in the merging groups resulting from the transaction.
Plesner's team consisted of Rasmus Mandøe Jensen, Henrik Rossing Lønberg, Alexandra Jakobsen and Jonathan Jordan.
Read Danske Bank's company announcement regarding the transaction
