Clifford Chance

Clifford Chance advises Home Credit on sale of its Philippines and Indonesian operations to consortium of Mitsubishi UFJ Financial Group affiliates for €615 million

Leading international law firm Clifford Chance has advised Home Credit Group B.V. on its agreement to sell 100% of its Philippines and Indonesian consumer finance businesses to a consortium of Mitsubishi UFJ Financial Group (MUFG) affiliates, led by Krungsri Bank, in deals worth approximately €615 million.

Krungsri and MUFG Bank are to purchase 75% and 25% respectively of Home Credit Philippines for a valuation of €406 million. In Indonesia, Krungsri, Adira Finance (a subsidiary of Bank Danamon which is an affiliate of MUFG) and an Indonesian investor as required by local regulations are to purchase 75%, 10%, and 15%, respectively of Home Credit Indonesia for a valuation of €209 million. The deals are subject to Krungsri shareholder approval as well as customary regulatory approvals.

Clifford Chance assisted Home Credit’s transaction team led by Pavel Rozehnal, Chief Legal and Compliance Officer of Home Credit Group. The Clifford Chance team was co-led by partners Emma Davies, Bryan Koo and Valerie Kong, with Singapore senior associate Matt Wentz managing the cross-border and cross-practice teams advising on the international aspects of the deal. In Hong Kong and Singapore, the team that advised on the M&A aspects includes consultant Ryan Wong, associates Ryan Siu and David Ho, and trainee solicitor Bing Yi Lim. In London, partner Zayed Al Jamil, senior associate Sally Murphy, and lawyers Lauren Murphy and Linda Agaby advised on the tech and data separation aspects, and partner Nicola Hemsley and director Edward Page advised on tax aspects.

Headquartered in the Netherlands and majority owned by investment group PPF, Home Credit is an international consumer finance provider with current operations in seven countries in Central and Eastern Europe and Asia.