DLA Piper has advised digital finance company Jaja Finance Limited (Jaja) on the acquisition of Bank of Ireland’s (The Bank) UK credit card portfolio.
As part of a consortium of funds affiliated with Centerbridge Partners LP and KKR, Jaja will acquire the existing Bank of Ireland UK, Post Office and the AA credit card accounts for an initial cash consideration of c. GBP530 million.
Jaja will also become the consumer credit card issuer for Bank of Ireland UK and its strategic long term partner the AA.
The acquisition forms part of Jaja’s strategy to scale its UK credit card business by working in partnership with other financial institutions and consumer brands. This acquisition will build on Jaja’s portfolio which includes its own brand credit card, and a point of sale financing solution with ASDA’s George.com.
Jaja was founded by London-based Norwegian entrepreneurs – Jostein Svendsen, Kyrre Riksen and Per Elvebakk – and is led by CEO Neil Radley, former Managing Director of Barclaycard in Western Europe, who brings 30 years’ experience in the credit card and wider consumer lending market.
Jaja’s technology platform has been built to offer customers a digitally-led experience focused on simplicity, functionality, service and security features.
The DLA Piper team was led by London-based Corporate partner Ed Griffiths (Picture), senior associates Dylan Kennett and Alexander Kolmakov and solicitor Ann-Marie Coleman. They were assisted by partner Magnus Brox (Corporate, Oslo); associate partner Jonas Aartun (Tax, Oslo); partner Ben Brown and associate Michael Graham (both Tax, London); partner Mark Burgess and senior associate Nick Hinton (both Tax, Birmingham); legal director Jennifer Jin and senior associate Mei Mei Wong (all Finance & Projects, London); partner Tony Katz and associate Katie O’Hara (both Litigation & Regulatory, London); partner Mark Dewar and associates Jalil Karim and Alasdair Muller (all Intellectual Property & Technology, London).
Involved fees earner: Jonas Aartun – DLA Piper; Ben Brown – DLA Piper; Magnus Brox – DLA Piper; Mark Burgess – DLA Piper; Mark Dewar – DLA Piper; Michael Graham – DLA Piper; Edward Griffiths – DLA Piper; Nick Hinton – DLA Piper; Jennifer Jin – DLA Piper; Jalil Karim – DLA Piper; Tony Katz – DLA Piper; Dylan Kennett – DLA Piper; Alexander Kolmakov – DLA Piper; Alasdair Muller – DLA Piper;
Law Firms: DLA Piper;
Clients: Jaja Finance Limited;