Ashurst lands €1bn fintech mandate as Blackstone-backed rival buys GoCardless

Ashurst has landed a significant fintech mandate, taking the lead role on the €1.05 billion takeover of UK fintech GoCardless, one of the largest European payments deals of the year and a win for several firms with ambitions in fintech and private capital.

Dutch payments group Mollie, which is backed by private equity giant Blackstone, has agreed to acquire GoCardless in a deal that will consolidate two of Europe’s biggest private payments platforms and turn up the competitive pressure on incumbents such as Adyen.

The Financial Times reported that the consideration is made up of roughly 90% stock with a small cash component.

GoCardless is considered one of the UK’s standout fintech success stories, building a business around direct debit payments for subscriptions and recurring billing rather than cards. It counts Permira, BlackRock and Google parent Alphabet’s investment arm among its backers.

Advising

Ashurst is advising Mollie on the acquisition, with a team led by London tech M&A partner Chris Grey, supported by financial regulatory specialists across London and Paris, with US law advice provided by Lowenstein Sandler and Dutch advice by Houthoff.

Weil is acting for Blackstone Growth, Mollie’s lead investor, with London private equity partner Simon Lyell leading for the firm.

On the sell-side, Linklaters is advising Groupay, the US-based parent of GoCardless, fielding a cross-border team spanning London, New York and Amsterdam led by London corporate partner and global co-head of fintech Fionnghuala Griggs, New York M&A partner Elena Rubinov and Amsterdam corporate partner Marleen Wessel.