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

India – Employment Update

Under the Industrial Disputes Act, 1947, normally, the termination of a fixed term contract does not elicit payment of retrenchment compensation to the contractual worker, unlike the termination of an open-ended employment agreement. In the recent case of Jamnagar...

read more

Withdrawal of Personal Data Protection Bill

On August 3, 2022, the Indian government withdrew the Personal Data Protection Bill (the “Bill”), which was first introduced in Parliament on December 11, 2019, and had been thoroughly analysed by a Joint Committee of Parliament (“JCP”). To a Bill which had 99...

read more