23 January 2019

Acting for the bank shareholders of Paymark (ANZ, ASB, BNZ and Westpac), law firm Russell McVeagh has advised on the $190 million sale of New Zealand's leading electronic payments innovator to Ingenico Group, which finalised recently in mid-January.

With each of the four major banks owning a 25% stake in Paymark, Russell McVeagh advised each bank on all aspects of the sale agreement with Paris-based Ingenico Group.

Leading the Russell McVeagh team working on the deal was Corporate partner Pip Greenwood, Competition partner Sarah Keene and Tax partner Fred Ward.

The transaction was subject to approvals by the Commerce Commission and Overseas Investment Office, with the Commerce Commission satisfied the acquisition would not substantially lessen competition in markets it assessed and concluding it would not affect competition in the supply of digital payment services.

Background information

Sale of Paymark Limited Completed – 11 January 2019

Ingenico granted clearance to acquire Paymark – 2 November 2018

Paymark announcement – 17 January 2018

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