Slaughter and May advised the controllers of Wyelands Holdings Limited on the acquisition of Tungsten Bank plc from Tungsten Corporation plc, the global e-invoicing, purchase order services, analytics and financing company.
Tungsten Bank has been renamed Wyelands Bank.
Tungsten Corporation plc received £25.0 million in cash which, together with £4.6 million of cash already received in connection with the disposal, amounts to an aggregate cash consideration for the business of £29.6 million.
The sale gained regulatory approval from the Prudential Regulation Authority and the Financial Conduct Authority in November.
Slaughter and May acted on the deal with a Financial Institutions team led by Ben Kingsley (partner, in picture); while on Tax law acted Gareth Miles (partner) and Ed Moberly (associate).
Law Firms: Slaughter and May;
Clients: Wyelands Holdings Limited;