Majmudar & Partners acts as Indian legal counsel to Finicity on its sale to mastercard

by | Jun 26, 2020

Mastercard (NYSE: MA) has entered into an agreement to acquire Finicity, a leading North American provider of real-time access to financial data and insights, having significant operations in India. The purchase price is US$825 million, and Finicity’s existing shareholders have the potential for an earn-out of up to an additional $160 million if performance targets are met.

The addition of Finicity’s complementary technology and teams strengthens the existing Mastercard open banking platform to enable and safeguard a greater choice of financial services, reinforcing the company’s long-standing partnerships with and commitment to financial institutions and fintech companies across the globe. Open banking gives people and businesses more control over their financial data.

The Majmudar & Partners’ team was led by partner, Amrit Mehta and supported by Ravi S. Raghavan (tax), Sinjini Majumdar, Dhruv Somayajula and Ritu Raj. Managing Partner, Akil Hirani, gave structuring and strategic inputs on various deal issues.

More News

The Legal 500 2024 Rankings

We are pleased to share that our firm has been recognised for its work across practice areas by The Legal 500 (Legalease) in their 2024 rankings. Firm Rankings Antitrust and Competition Corporate and M&A Data Protection Dispute Resolution: Litigation Intellectual...

read more

“Workman” interpreted under Indian employment law

In the recent case of Rohit Dembiwal v. Tata Consultancy Services Ltd., the Bombay High Court held that an IT analyst did not qualify as a “workman” under the Industrial Disputes Act, 1947, as his day-to-day responsibilities were supervisory in nature, and his...

read more

EXL Service.com deemed not to have a PE in India

Last week, in the EXL Service.Com, Inc. case, the Delhi Income-tax Appellate Tribunal (Tribunal) followed the Supreme Court’s rulings in the Formula One and E-Funds cases and, inter alia, held that a US taxpayer does not have a fixed place permanent establishment...

read more