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ABL helps Zip Co accelerate global expansion plans with US deals

Capital Markets, Corporate and M&A, Taxation
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Arnold Bloch Leibler has advised ASX listed Zip Co Limited on two transactions announced this week that will see the buy-now-pay-later (BNPL) giant expand into the US market.

The ABL team – led by Partner Jeremy Leibler and including Senior Associate Gavin Hammerschlag and Lawyers Vidushee Deora and Max Grunwald – worked alongside leading US law firm Skadden, Arps, Slate, Meagher & Flom to advise Zip on its transformative $400 million acquisition of New York based BNPL QuadPay Inc (Zip acquired 15 per cent of the company last year).

The team also advised Zip on a convertible note fundraising in Australia with US based growth investor, Heights Capital Management, an affiliate of the Susquehanna International Group, which will see up to $200 million raised. The fundraising - which will be executed via a PIPE, or private investment in public equity transaction - is unique for the Australian market, demonstrating ABL’s continued market leading corporate team.

As announced to the ASX, these deals will cement Zip’s position as a global BNPL leader with a growing customer base of over 3.5 million customers.

Gavin Hammerschlag commented: “It’s been really exciting to work with Zip and its management team on their global expansion into the US, taking their operations to a total of five countries and helping them deliver on their long term growth strategy.”

Given the cross border and unique structure of the transactions, ABL also advised Zip on key tax matters led by Partners Clint Harding and Jonathan Ortner and including Special Counsel Zoe Chung and Senior Associate Peter Scott.

ABL has a long-standing relationship with Zip, having advised on numerous landmark matters for the company, including its first international transaction last year.

About Arnold Bloch Leibler

Arnold Bloch Leibler is a premium Australian commercial law firm renowned for advising clients on their most important transactions, commercial issues and disputes. From offices in Melbourne and Sydney, the firm provides advice to a diverse range of entrepreneurial Australian listed companies, family businesses, high-net-worth individuals and international corporations. The firm also has a dedicated pro bono practice providing advice on social, environmental and cultural issues to more than 150 charitable and not-for-profit organisations.

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