Matheson advised Brookfield Asset Management Limited, working alongside A&O Shearman, on the Irish aspects of its long term strategic partnership with Barclays, to grow and transform Barclays’ payment acceptance business (including an Irish-authorised e-money institution) (the “Business”). The Business provides critical infrastructure to the UK and European economy, processing billions of pounds of payments annually for small businesses and domestic and international corporate clients.
The partnership will work to create a standalone entity over time, leveraging Barclays’ extensive client relationships and Brookfield’s global private equity expertise in payments, technology, operational transformation and corporate carve outs to ensure the Business is strategically positioned for long term growth. After year three of the partnership, and up to its seventh anniversary, Brookfield may acquire an approximately 70% ownership interest in the Business and, upon that sale by Barclays to Brookfield, Brookfield’s initial financial incentive, granted at the start of the partnership, will convert into an additional 10% shareholding in the Business, resulting in a total Brookfield shareholding of approximately 80%.
The transaction marks the first transaction for Brookfield Financial Infrastructure Partners, a dedicated strategy part of Brookfield’s private equity business, focused on investing in digital assets that enable the movement of money and form the backbone of the world’s financial economy.
The Matheson team was led by corporate partner Caroline Kearns, together with Jenny Keenan (M&A Senior Associate), William Annab (M&A Associate) and James Grogan (Regulatory Associate).