22 August 2017

Carey Olsen advises Permira investment partnership on strategic equity investment in leading Swedish Fintech group Klarna

Carey Olsen’s Guernsey funds team has advised global investment firm Permira on the acquisition of a strategic equity stake in Klarna Bank AB - one of Europe’s largest and fastest growing Fintech banks, by an investment partnership advised by Permira.

Klarna is currently serving 60 million consumers and 70,000 merchants providing easy-to-use payment solutions aimed at making online payments safe, simple and smooth. The company is active in 18 markets, employs more than 1500 employees and recently became the largest European Fintech company to receive a banking license.

The deal value and stake in Klarna is undisclosed and it is Permira’s first foray into the Fintech sector.

Permira, which advises funds and accounts with a total committed capital of circa €32 billion, focuses on identifying companies for long-term investment, combining local knowledge and global expertise to help them grow sustainably and realise their full potential.

The Carey Olsen team included partner Tom Carey, senior associate Matt Brehaut and associate Vaishali Gupta; they were responsible for the establishment of the investment vehicle, incorporating a new general partner vehicle and seeking appropriate regulatory exemptions. Fried, Frank, Harris, Shriver & Jacobson LLP and Nordic law firm Roschier provided onshore counsel for the acquisition.

Mr Carey said: “This complex transaction needed to be completed within a week and we met that tight schedule delivering a high level of expertise. There is no question that Fintech is a burgeoning area of interest for investment and Carey Olsen is taking the lead in offering clear and knowledgeable advice in this sector."