Perella Weinberg Partners LP is acting as sole financial adviser to PayPal, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as its legal adviser with regard to the transaction. Raymond James & Associates, Inc. is acting as sole financial adviser to Hyperwallet, while Goodwin Procter LLP is acting as its legal adviser.
PayPal Holdings, Inc. (NASDAQ: PYPL) has agreed to acquire Hyperwallet, a leading global payout platform, for $400 million in cash, subject to certain adjustments. The acquisition of Hyperwallet enhances PayPal’s payout capabilities, improving the company’s ability to provide an integrated suite of payment solutions to ecommerce platforms and marketplaces around the world. According to Internet Retailer, marketplace sales accounted for more than 50% of global online retail sales in 2017.
Upon closing, PayPal and Braintree merchants will gain localized, multi-currency payment distribution capabilities in more than 200 markets with numerous disbursement options, including prepaid card, bank account, debit card, cash pickup, check and PayPal.
The transaction is expected to close in the fourth quarter of 2018. The completion of this transaction is subject to customary closing conditions, including regulatory approvals.
Hyperwallet’s global payout platform provides growing organizations with a fast, efficient, and transparent way to distribute funds to payees almost anywhere in the world. Trusted by enterprise, ecommerce, and on-demand platforms, Hyperwallet makes it easy to deliver a superior payment experience through a single integration. Put your payees in control with a range of convenient payment methods, enhanced financial management tools, integrated payment tracking, and user-friendly compliance and identity verification. Hyperwallet, led by Brent Warrington has offices in San Francisco, Austin, London, Sydney, and Vancouver.
The Goodwin team was led by partners Stuart Rosenthal (Picture) and Christopher Dwyer and associates Christine Poile, Simone Greenspan and Brett Byron with assistance from partners William Weiss, James Mattus, Christopher Stamos and Andrea Murino, counsels Jacqueline Klosek, Todd Hahn and Kyle Pine and associates, Steven Argentieri, Megan Juel, Morgan Frisoli, Christina Bouchot and summer associate Luke Neveu.
Involved fees earner: Stuart Rosenthal – Goodwin Procter; Christopher Dwyer – Goodwin Procter; Christine Poile – Goodwin Procter; Simone Greenspan – Goodwin Procter; Brett Byron – Goodwin Procter; William Weiss – Goodwin Procter; Kyle Pine – Goodwin Procter; James Mattus – Goodwin Procter; Megan Juel – Goodwin Procter; Morgan Frisoli – Goodwin Procter; Christina Queiros Bouchot – Goodwin Procter; Christopher W. Stamos – Goodwin Procter; Jacqueline Klosek – Goodwin Procter; Steven Argentieri – Goodwin Procter; Andrea Agathoklis Murino – Goodwin Procter; Todd Hahn – Goodwin Procter;
Law Firms: Goodwin Procter;
Clients: Hyperwallet Systems Inc.;