Squire Patton Boggs advised the Administrators of Wonga Group Limited on their sale of Wonga Poland.
Kruk S.A. executed the acquisiton of all the shares in Wonga.pl sp. z o.o.
The transaction value is PLN 97.1 million (approximately US$25 million), comprising the value of the shares in the target company and brand ownership (PLN 3 million), as well as repayment of the company’s liabilities owed to the seller (PLN 94.1 million).
Kruk S.A. is a leading debt management services company. It was founded in 1998 and offers debt collection services in Poland, Romania, Czech Republic and Slovakia. The Company’s two main business lines are: acquisition of non-performing debt portfolios and debt collection outsourcing with a main focus on consumer and corporate loans.
Wonga is a company operating on the online lending market in Poland. The Company has been present in Poland since 2012 and has provided over 1.5 million loans since its inception. Its customer base has exceeded 1.1 million accounts. In 2017, the company generated revenue of PLN 100 million.
Squire Patton Boggs has advised the Administrators of Wonga Group Limited with a team led by Corporate partner Marcin S. Wnukowski (Picture) in Warsaw and including Financial Services senior associate Malgorzata R. Olech and, in London, Corporate partner Julian Ciecierski-Burns.
Law Firms: Squire Patton Boggs;
Clients: Wonga Ltd – Administrators;