Orrick has advised the founders of German fintech firm Giroxx GmbH on the sale of the company to the U.S. financial services provider INTL FCStone.
The purchase is being conducted through London-based subsidiary INTL FCStone Ltd. and complements a series of acquisitions designed to ensure that all customers of INTL FCStone Ltd. can continue to be offered all services regardless of Brexit.
The closing of the transaction is subject to, inter alia, the approval of the German Federal Financial Supervisory Authority BaFin.
Giroxx GmbH is a fintech based in Frankfurt am Main, which offers online payment and foreign exchange hedging services to small and medium-sized enterprises (SMEs) in Germany, Austria and Switzerland.
INTL FCStone is a Fortune 500 company that focuses on providing products and services within the commodities, securities, foreign exchange and global payment sectors. The Global Payments Division of INTL FCStone facilitates payments in more than 140 local currencies in over 175 countries.
The founders of Giroxx were advised by an Orrick team led by Munich-based M&A and private equity partner Fabian von Samson-Himmelstjerna, who regularly represents investors and start-ups in technology transactions and had already advised Giroxx, in particular on the investment by Hessen Kapital.
The team further included partners Timo Holzborn (capital markets and financial regulatory, Munich), Stefan Schultes-Schnitzlein (tax, Düsseldorf), counsel Sebastian Meul (M&A and Private Equity, Munich) as well as senior associate Olexiy Oleshchuk (capital markets and financial regulatory, Munich) and managing associate Christina Lorenz (M&A and Private Equity, Munich).