Slaughter and May advised VocaLink Limited (VocaLink) on the UK and European competition aspects of its proposed acquisition by Mastercard for £700 million plus potential future earn-out provisions.
Following a referral from the European Commission, the UK Competition and Markets Authority (CMA) conditionally cleared the transaction on 11 April 2017.
The clearance decision was conditional on the parties’ undertakings to remedy the potential competition issue identified by the CMA in the provision of central infrastructure services to the LINK ATM network. Slaughter and May advised VocaLink on the package of behavioural undertakings ultimately accepted by the CMA in lieu of reference to a Phase 2 investigation.
VocaLink is a private UK company engaged predominantly in the provision of central infrastructure services to three of the UK’s major interbank payment schemes (namely, the Bacs interbank payment system, the Faster Payments Service and the LINK ATM network).
Slaughter and May advised VocaLink Limited on the deal with a Competition team led by Lisa Wright (partner); Jackie Holland (special adviser); Jantira Raftery (associate); Maija Uibo (associate); Jun Chao Meng (associate); Will Manley (associate); a Corporate team led by Victoria MacDuff (partner, in picture); alongside Ed Steward (associate); and an IP/IT team led by David Ives (partner); Matthew Harman (associate).
Involved fees earner: Victoria MacDuff – Slaughter and May; Edward Steward – Slaughter and May; Lisa Wright – Slaughter and May; Jackie Holland – Slaughter and May; Jantira Raftery – Slaughter and May; Maija Uibo – Slaughter and May; Will Manley – Slaughter and May; Jun Chao Meng – Slaughter and May; David Ives – Slaughter and May; Matthew Harman – Slaughter and May;
Law Firms: Slaughter and May;
Clients: VocaLink Limited;