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Afterpay embarks on multimillion-dollar deal

Afterpay embarks on multimillion-dollar deal

deal, handshake

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

Area: Finance

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.”

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