We are advising Nuvei, Canada-based payment technology company, on acquiring Simplex, a fintech startup providing fiat infrastructure to the cryptocurrency industry. The total value of the transaction is USD 250 million, and it is expected to be closed in the second half of 2021.
Simplifying buying, selling and converting cryptocurrency
Simplex delivers the infrastructure for users to buy or sell cryptocurrencies using credit and debit cards. The acquisition of Simplex will provide Nuvei with an electronic money institution licence, enabling it to offer IBAN accounts to end users and corporations. The acquisition will also offer banking and card issuing capabilities in the future.
“We expect Simplex to enhance and expand Nuvei’s steadily growing portfolio of alternative payment methods, adding turnkey simplicity to the process of buying and selling cryptocurrency and converting it back to fiat within a user account – ultimately reducing complexity for merchants and consumers,” Philip Fayer, Nuvei’s Chair and CEO, said in the press release.
Our services and the team
Our team, working with Fasken as lead counsel, carried out legal due diligence on Simplex’s subsidiary in Lithuania and advised on other transaction matters, including regulatory permits and local aspects of the share purchase agreement. We are continuing to advise the client on all the other commercial, corporate and regulatory matters that are required in order to successfully close the transaction.
The team, led by partners Algirdas Pekšys and Augustas Klezys, consisted of counsel Monika Mališauskaitė-Vaupšienė and senior associates Justina Paškevičienė, Irma Kirklytė and Aurelija Daubaraitė, as well as associates Liutauras Vasiliauskas, Sidas Sokolovas, Ieva Dagytė and Gabrielė Raižytė.