Mastercard’s Acquisition of Transfast


Schulte lawyers are representing Transfast and GCP Capital Partners in the deal

Mastercard (NYSE: MA) has entered into an agreement to acquire Transfast, a global cross-border account-to-account money transfer network.

Transfast will complement Mastercard’s wide range of payment solutions by increasing worldwide connectivity in the account-to-account space, enhancing compliance capabilities and offering more robust foreign exchange tools. Transfast currently supports the Mastercard Send solution for business-to-business and person-to-person payment services.

Transfast is backed by GCP Capital Partners, a private equity investment firm managing three active funds with $1.4 billion in committed capital that has financial technology as one its core focus areas, and Apis Partners.

Prior to this announcement, Mastercard lapsed its offer for Earthport in order to focus on the integration and expansion of Transfast.

Terms of the agreement were not disclosed. The transaction, which is anticipated to close in the second half of 2019, is subject to customary closing conditions.

The Schulte team representing Transfast and GCP Capital partners is led by M&A and securities partner Michael Gilligan (Picture) and associate Evelyn Liristis. The team also includes bank regulatory partner Donald Mosher, special counsel Melissa Goldstein and Jessica Sklute and associate Jessica Romano; antitrust special counsel Gregory Kinzelman; employment & employee benefits partner Ian Levin and associate Adam Gartner; environmental partner Howard Epstein; and intellectual property, sourcing & technology special counsel Scott Kareff.

Involved fees earner: Howard Epstein – Schulte Roth & Zabel; Adam Gartner – Schulte Roth & Zabel; Michael Gilligan – Schulte Roth & Zabel; Melissa Goldstein – Schulte Roth & Zabel; Scott Kareff – Schulte Roth & Zabel; Gregory Kinzelman – Schulte Roth & Zabel; Ian Levin – Schulte Roth & Zabel; Evelyn Liristis – Schulte Roth & Zabel; Donald Mosher – Schulte Roth & Zabel; Jessica Romano – Schulte Roth & Zabel; Jessica Sklute – Schulte Roth & Zabel;

Law Firms: Schulte Roth & Zabel;

Clients: GCP Capital Partners LLC; Trans-Fast Remittance LLC;

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Author: Ambrogio Visconti