Stevens & Bolton LLP has advised on the agreed sale of the entire issued share capital of The Logic Group Holdings Limited to Barclaycard, the global payments business of Barclays. Subject to competition authority approval, it is expected that the transaction will be completed in the fourth quarter of 2014.
With offices in the UK and Spain, The Logic Group is a leading payment and loyalty specialist business managing significant volumes of payment transactions and pan-European member-based loyalty schemes.
Gareth Wokes, chairman of The Logic Group commented, “We are delighted to become part of such a trusted, global brand and to be able to build on the opportunity that Barclaycard offers us in the expansion of our customer base as well as more benefits for our clients through Barclaycard’s scale and expertise. Stevens & Bolton helped us through this difficult transaction and were instrumental in protecting our interests throughout the process. Their advice and counsel was so reassuring, it allowed us to focus on the critical aspects of keeping the business performing at a time when so much was happening. I wholeheartedly recommend them to anyone embarking upon a transaction of this nature.”
Richard Baxter, senior partner of Stevens & Bolton LLP, commented, “It was a pleasure to work on this significant deal with the management team and major shareholders of The Logic Group. Having acted for The Logic Group over the last two decades, we are delighted to have helped to deliver value for the shareholders through this strategic acquisition by Barclaycard.”
The Stevens & Bolton team was led by corporate partner Richard Baxter, supported by a team including Nick Atkins and Siobhán Langwade (corporate), Kate Schmit (share options and tax), Sally Mann (tax), Gustaf Duhs (competition), Daryl Rivero (real estate), Michelle Last (employment), Gabrielle Holgate (pensions) and Nick Acomb and James Hardaker (employee benefit trusts). The Stevens & Bolton team was also supported by Spanish firm Araoz y Rueda in relation to Spanish matters.
Addleshaw Goddard advised Barclays, with support from Freshfields Bruckhaus Deringer, who advised Barclays on competition law matters, and Garrigues, who advised on Spanish matters.
For further information, please email richard.baxter@stevens-bolton.com or call 01483 734213.
Richard Baxter