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Sale of PayLife successfully completed with fwp support

09/20/2013

Vienna, 20 September 2013. Fellner Wratzfeld & Partners (fwp) advised the owners’ consortium on the sale of the shareholdings in PayLife Bank GmbH.

The M&A team led by fwp partner Markus Fellner advised the sellers on the sale of PayLife Bank Gmbh to the Swiss SIX Group. The selling process was initiated in 2012 with the spin-off of key operations into the newly founded PSA Payment Services Austria GmbH. After having conducted Phase II merger proceedings, the fwp team successfully completed the transaction process on 19 September 2013. The anti-trust team at fwp headed by fwp partner Florian Kranebitter was responsible for obtaining the required approval under anti-trust law.

Special challenges involved in the transaction arose due to the broad ownership structure and issues under regulatory, anti‑trust and merger law. The payment cards market is subject to particular scrutiny by the competition authorities. The merger was authorised in the course of Phase II proceedings, which resulted in a satisfactory outcome for all parties involved thanks to fwp’s expertise and close cooperation with the competition authorities.

“The transaction involved a structured selling process in a highly competitive environment, which required a high level of expertise in corporate, banking and anti-trust law”, explains fwp founding partner Markus Fellner visibly satisfied with the successful closing.

fwp also structured and provided legal advice on PayLife’s bridge financing.

fwp’s team of advisors was led by fwp partner Markus Fellner (corporate & banking), along with Florian Kranebitter (antitrust law & financing) and associate Ivana Dzukova (corporate & antitrust law).