26 June 2020
We have advised Boku Inc., a leading global mobile payment and mobile identity company on its conditional acquisition of Fortumo Holdings, a transaction valued at a maximum enterprise value of $41 million. The acquisition will cement the Group's positioning as a leading mobile payment and mobile identity solutions company.
The acquisition will be funded by an unconditional placing to raise gross proceeds of up to approximately $25 million and new bank facilities of approximately $20 million. The transaction is expected to complete on 1 July 2020.
Boku works with Apple, Google, Microsoft, Facebook, Spotify and some 200 carriers to allow users to pay for digital goods like apps and subscriptions via their mobile bills.
We served as UK legal counsel to Boku in collaboration with Wilson Sonsini, which served as US counsel in the transaction.
Commenting on the deal, Corporate partner Russell Holden, said:
Jon Prideaux, CEO of Boku Inc, added:
Our team was led by partner Russell Holden with senior associate James Homan and support across a multi-disciplinary team. Corporate senior associate Marie Fong Sing, corporate associate Angela Petrevska, banking and finance senior counsel Fiona Coady and banking and finance associate Kate Bowden and trainee Olivia Perry also worked on this deal.
The Wilson Sonsini team was led by partner Dan Keating, partner Charlotte Kim and associate Amanda Pollard.