London, UK (March 27, 2012) - Paul Hastings LLP, a leading global law firm, announced today that the firm represented Monitise plc (LSE: MONI) on the acquisition of Clairmail Inc., a leading US provider of mobile banking and payments solutions, further enhancing Monitises position as a global leader in the fast expanding mobile money market. Monitise plc is a technology and services company delivering mobile banking, payments and commerce networks worldwide.
The Acquisition values Clairmail at approximately US$173m (£109m), based on Monitises share price of 35.0 p as of the close of trading on March 23, 2012.
The deal is conditional upon shareholder and US regulatory approvals. It is expected that the Acquisition will be completed before the end of the financial year 2012.
Working as an integrated team, the team was led in by US partners Erik Belenky, Chris Daniel, Jeff Hartlin, Jane Song, Phil Marzetti and Eric Keller and in the UK by Ronan OSullivan, and associates Matthew Poxon, Brooke Russ and Paul Puckett (Corporate M&A); Todd Schneider (IP); Samantha Eldredge (US Securities); Damian Myers (Employment); and Sean Honeywill (Tax).
Paul Hastings LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.