Stratulat Albulescu Attorneys at Law advised the German group Wirecard on the acquisition of Romania’s leading payment processing and technological service provider Provus from the Polish private equity investor Innova Capital. The acquisition was completed on 29 February 2016 and also involved the acquisition of Romcard and Supercard Solutions & Services, the two Romanian subsidiaries of Provus. A cash purchase price of EUR 32m has been agreed.
In the acquisition process, Stratulat Albulescu Attorneys at Law conducted the due diligence investigation and provided legal advice on the Romanian law aspects involved by the transaction. The firm worked closely with a team of lawyers from Fieldfisher in Düsseldorf and London, who coordinated the acquisition and led the negotiations on behalf of Wirecard.
Provus supports companies in outsourcing, acquiring and card processing, e-commerce payment transactions and point-of-sale (POS) operations. Its customer base includes major Romanian banks in addition to significant telecommunications and retail players. In addition, Provus has worked with the Romanian government in the digitisation of health and payment cards.
Wirecard is a software and IT specialist for outsourcing and white label solutions for payment processing and issuing products. The acquisition of Provus is part of Wirecard’s expansion strategy into eastern Europe.
The Stratulat Albulescu Attorneys at Law team was led by Silviu Stratulat and Alexandra Radu, Partners and coordinators of the Corporate and M&A department. Other members of the team included Andrei Albulescu and Delia Belciu, Partners, Cristina Man, Senior Associate and Ana Chira, Cristiana Ditoiu and Andrei Balus, Associates.
Stratulat Albulescu Attorneys at Law is a young and dynamic Romanian law firm, providing legal advice in all business sectors and in all areas of Business Law and Dispute Resolution in Romania. The Stratulat Albulescu Attorneys at Law team is comprised of lawyers who are leaders in their disciplines. The firm works in close co-operation with highly-respected law firms throughout Europe and elsewhere and has significant experience in cross-border transactions, with its lawyers providing legal advice in the English, French, Italian, Romanian and Spanish languages.