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Rakuten Group enters Australia through acquisition

Rakuten Group enters Australia through acquisition

Michael Chaaya, Corrs Chambers Westgarth

A national firm advised Japanese e-commerce and financial services provider, Rakuten Group, on its acquisition of an Australian foreign currency broker.

Firms: Corrs Chambers Westgarth (Rakuten Securities, Inc)

Deal: Rakuten Securities, Inc. acquired FXAsia Pty Ltd

Value: Undisclosed

Area: M&A

Key players: The Corrs team was led by corporate partners Michael Chaaya (pictured) and Jeremy Horwood, with support from special counsel Peter Anderson, senior associates Aidan Lavin and Nicole Graham, and lawyers Isobel Farquharson and Louise Hang.

Deal significance: Japanese firm Rakuten Securities, Inc. has acquired 100 per cent of the shares in Australian foreign currency broker FXAsia Pty Ltd.

Rakuten Securities, Inc. is a member of the Rakuten Group, a major Japanese e-commerce and financial services provider.

The FXAsia acquisition marks the Rakuten Group’s first investment in Australia.

“It was a privilege for Corrs to have the opportunity to work with Rakuten Securities on their entry into Australia,” Corrs lead partner Michael Chaaya said.

“The expansion of their FX business into Australia coincides with a pattern of growth in financial services M&A activity and we were thrilled to bring together our financial services and M&A teams to assist with this exciting transaction.

“Given Rakuten Securities’ impressive history of providing FX services in Japan and Hong Kong, I am confident they will make the most of their entry into Australia,” he said.

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