Afterpay embarks on multimillion-dollar deal
Baker McKenzie has advised Afterpay on its multimillion-dollar placement of shares and convertible notes.
Firm: Baker McKenzie (Afterpay Touch Group)
Deal: Afterpay Touch Group (Afterpay) has been advised on its placement of shares and convertible notes to Matrix Partners.
Value: $20 million
Key players: The Baker McKenzie legal team was led by partner Guy Sanderson, with assistance from senior associates Tharani Dharmaraj and Lana Tian.
Deal significance: According to a statement from Baker McKenzie, the funds will be used partly to scope market entry for the Afterpay product in the United States.
Afterpay is described as a “fintech company with a ‘buy now, pay later’ product that offers simple instalment plans for online shoppers, allowing a purchase to be paid for in four equal fortnightly instalments, interest-free”.
Meanwhile Matrix Partners is a US-headquartered investment firm which focuses on technology venture capital investments.
“We were delighted to act for our long-standing client, Afterpay, having assisted the company since mid-2015 when we first helped raise pre-IPO capital,” Baker McKenzie lead partner Guy Sanderson said.
“The company has continued its stellar performance in continuing to outperform the market and investor expectations.”