Deal: Global law firm Norton Rose Fulbright has advised the shareholders of Australian start-up Pin Payments, on their divestment to global payment solution provider, Checkout.com.

Piper Alderman acted for Checkout Payments Group Limited (CKO) in its acquisition of Southern Payment Systems Pty Ltd (Trading as Pin Payments) (Pin Payments).  Piper Alderman assisted CKO with undertaking pre-transaction due diligence on Pin Payments, negotiating the sale documents, obtaining warranty and indemnity insurance, negotiating escrow arrangements with JP Morgan, and completing the acquisition.

Value: Undisclosed.

Area: M&A.

Key players: Led by partner Ben Smits, the NRF Sydney corporate M&A team advised on all aspects of the transaction, including negotiation, regulatory advice, W&I insurance, tax/structuring advice and the completion of the sale which was announced on 26 May 2020.

Mr Smits was supported by partner Greg Reinhardt and senior associate Oliver Kabongo.

The Piper Alderman team consisted of Alasdair McLean (Principal, Corporate and M&A); James Hill (Associate, Corporate and M&A) and Jack Laidler (Associate, Corporate and M&A)

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Deal significance: The acquisition brings Checkout.com’s unified acquiring footprint to Pin Payments’ small and medium-sized business merchants, offering them improved payment performance and international growth opportunities. 

For Checkout.com’s enterprise merchants, the acquisition brings strong regional expertise and dedicated engineering resources to its customers across the Asia-Pacific region.

“Pin Payments’ streamlined payment technology is a natural fit for Checkout.com and will improve the way their SMB business merchants access and manage payments, especially in the current climate with rising online sales,” Mr Smits commented.

PinPayments’ co-founder and global chief executive officer Grant Bissett said that joining Checkout.com represents a milestone in their star-tup journey, and marks the commencement of the next phase of growth for the group. 

“Ben’s team understood our business and its surrounding industry context, and used Norton Rose Fulbright’s M&A experience to drive an efficient process with clear and direct communication throughout,” he said.