Fellner Wratzfeld & Partner has advised BAWAG P.S.K and Easybank AG on their acquisition of the commercial prepaid and credit card issuing business operating under the “PayLife” brand.
BAWAG P.S.K. and easybank came out as best bidders for the target company in a bidding process in late 2016. The signing took place on February 28 and closed on October 7, 2017.
According to a FWP press release, "the acquisition took the form of a demerger by absorption of the Commercial Prepaid and Credit Card Issuing Business, which also includes issuing support for several Austrian banks, a business unit of SIX Payment Services (Austria) GmbH (formerly 'PayLife Bank GmbH'), which is owned by the Swiss SIX Group."
The firm describes Easybank, which is owned by the BAWAG Group, as "one of the leading direct banks in Austria," and reports that it "offers a comprehensive range of products, from current accounts and savings accounts to credit cards, consumer and housing loans, car leasing as well as insurance and investment products." According to the firm, "its business model is based on easy-to-use, transparent products and technologies, lean structures and excellent customer service."
The core FWP team consisted of Partners Markus Fellner, Florian Kranebitter, Lukas Flener, and Gregor Schett, Attorney-at-law Tanja Melber, and Associate Matthias Herzog.