Bayfront Law LLC advised Ezy Net Pte. Ltd. (the “Purchaser”) on its purchase of all issued shares in Diners Club (Singapore) Private Limited (“Diners Club”) from Johan Investment Pte. Ltd. (the “Seller”) for a total consideration of S$103,586,103 (the “Transaction”). The Transaction was successfully completed on 9 July 2021.
The Purchaser is one of the pioneer and leading secure end-to-end electronic payment solutions providers in the Singapore market, providing terminal rental, setup, reprogramming services.
Diners Club, parent of DinersPay Pte. Ltd., is principally in the provision of charge card and credit card services in Singapore under the Diners Club card franchise. The services rendered by Diners Club used to be under the hospitality and card business segment of the Seller. Due to the increasing competition in the hospitality and payment gateway businesses, the Seller decided to dispose their shares in Diners Club to Purchaser and the Purchaser agrees to purchase all the shares from the Seller.
Bayfront Law LLC assisted the Purchaser in conducting an extensive due diligence on the Seller and facilitated necessary applications to the Monetary Authority of Singapore. Bayfront Law has also drafted, reviewed, revised and finalised agreements entered into between amongst others, the Purchaser and Seller after rounds of negotiation with the Sellers in relation to the Transaction.
Advisers to the Purchaser were Bayfront Law Director Ryan Lin, assisted by Associates Alvin Ngai and Guo Ziyong.