Hogan Lovells advises the Senior Executive Management Team on the sale of VocaLink to MasterCard for £700m
26 July 2016
- Based in London, VocaLink operates key payments technology platforms on behalf of UK payment schemes, including:
- BACS – the Automated Clearing House (ACH) enabling direct credit and direct debit payments between bank accounts
- Faster Payments – the real-time account-to-account service enabling payments via mobile, internet and telephone
- LINK – the UK ATM network
Led by partner Tom Whelan, Global Head of Private Equity, the transaction was also supported by private equity partner, Keith Woodhouse, insurance partner Nick Atkins and associates Mbombo Simpungwe-Kaoma, Hannah Wilson and Miren Patel principally supported by counsel Kiran Khetia (employment incentives), consultant Conor Ward, partner Mark Parsons (Hong Kong), tax partner Philip Harle and senior tax associate Chris Waddington, IP/IT partner Sahira Khwaja and counsel Mac Macmillan (data protection).
Commenting on the deal, Tom Whelan said: "We are delighted to have acted for the senior executive management team of VocaLink on this exciting deal. It represents the first true combination of the traditional person-to-merchant cards business with a clearing business, which when fully developed, presents an additional opportunity to make a deeper and sustained shift from the use of cash and checks in business, government and personal payments."