Clayton Utz helps Japanese bank claim $300m stake in local credit card company

The firm is also guiding a long-term client on a $61.3m deal that seals an ASX listing

Clayton Utz helps Japanese bank claim $300m stake in local credit card company
Hiroyuki Kano

Clayton Utz has helped Shinsei Bank, Limited to secure a $300m stake in Latitude Financial Group.

“The transaction highlights that there is continuing interest from foreign investors, particularly Japanese investors, in Australian assets,” said lead partner and Japanese bengoshi Hiroyuki Kano.

Under the terms of the deal, Shinsei Bank, a diversified financial services company in Japan, will pick up a 9.95% interest in Latitude, a local credit card and consumer finance company. Clayton Utz said that Shinsei Bank will also acquire a 0.05% interest following approval from the FIRB.

The Japanese bank’s legal adviser, Anderson Mori & Tomotsune, collaborated with Clayton Utz on the transaction. Clayton Utz said that its team guided Shinsei Bank on the transaction structure, sale agreement and FIRB requirements.

Senior associate Shigeki Yamaura took point on the team alongside Kano, who is a partner in Clayton Utz’s corporate group.

 $61.3m acquisition of telco companies

The firm also advised long-term client Tattarang in the proposed listing of two of its investments on the ASX through a $61.3m acquisition.

Tattarang had invested considerably in east coast-based telco company Swoop Telecommunications and in WA-based NodeOne. The former is a fixed wireless and wholesale network infrastructure carrier, while the latter is a fixed wireless broadband provider.

ASX lister Stemify Ltd will snap up the two companies by entering into three inter-conditional share purchase deeds. Stemify is set to raise $20m “pursuant to a public offer under a prospectus at an issue price of $0.50 per share,” Clayton Utz said.

This equity will be applied to the expenditure and deployment of wireless networks, as well to the acquisition of complementary businesses in addition to marketing and customer requirements.

Following its relisting, the company will be known as Swoop Holdings Limited. Tattarang is expected to be a major shareholder in the organisation.

Clayton Utz’s team, which was led by Perth partner Mark Paganin and special counsel Stephen Neale, collaborated with Tattarang’s team on the transaction. Partner Peter Feros and lawyer William Davies from the corporate team provided key support to Paganin and Neale, as did special counsel Cameron Forbes from the tax practice.

The completion of the deal is subject to conditions such as shareholder and regulatory approval.

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