Wyelands Holdings Limited’s £29.6 million acquisition of Tungsten Bank plc

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).

Involved fees earner: Ben Kingsley – Slaughter and May; Gareth Miles – Slaughter and May; Ed Moberly – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Wyelands Holdings Limited;