18 January 2016
Clifford Chance advises on the sale of a minority stake in W.A.G. payment solutions to a global private equity investor
Lawyers from Clifford Chance's Prague office have advised W.A.G. payment solutions, a.s. (“Eurowag”), a leader in cash-free payment systems for passenger and freight carriers and the operator of a chain of express filling stations, on the sale by auction of a minority stake in the company to the global private equity firm TA Associates.
In terms of technology and innovation, Eurowag is the leader in its segment and one of the most dynamic companies in the market. The company’s flagship product is the Eurowag fleet card, which allows professional transport companies and hauliers to make cash-free payments for fuel, tolls and other related services under advantageous terms. Founded in 1996, Eurowag is headquartered in Prague, with additional offices in the Czech Republic and in Austria, Bulgaria, Hungary, Poland, Romania, Slovakia and Turkey.
TA Associates is one of the oldest and largest growth private equity firms in the world. The firm invests in expanding private companies in exciting industries, with the goal of helping management teams build their businesses into great companies.
The Clifford Chance team that advised on the investment was led by the Prague office's managing partner Alex Cook, primarily supported by senior associate Michal Jašek and associate Michal Jendželovský.
After the closing of the deal Alex Cook said: ''I was extremely pleased to have worked on this transaction. Our client is an ambitious company with a very bright future and this investment will further help to grow its business and expand the company's footprint in Europe. I wish the management team every success.'
This transaction further highlights Clifford Chance's expertise in financial services M&A in the region, an area in which the firm has been incredibly active in recent months, having advised Citibank, BNP Paribas, AXA, Advent International and EBRD on significant transactions in this industry sector.
Deutsche Bank and EY acted as financial advisors to W.A.G. on the deal. TA Associates were advised by Travers Smith and Kinstellar.
The parties do not wish to disclose the value of the transaction.