Carey Olsen advises Visa on its $1 billion acquisition of Pismo
Carey Olsen's corporate team in the Cayman Islands has advised digital payments giant Visa (NYSE:V) on its definitive agreement to acquire Brazilian fintech firm Pismo for US$1 billion in cash.
Founded in Sao Paolo in 2016, Pismo provides an all-in-one cloud-based processing platform for banking and payments that is already used by a fast-growing number of large banks, marketplaces and fintechs.
This acquisition will enable Visa to provide support and connectivity for emerging payment rails for financial institutions. Together, Visa and Pismo will also provide core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards for clients via cloud native APIs.
Carey Olsen partners Alistair Russell, Dylan Wiltermuth and attorney Nich Vasic advised Visa on all Cayman Islands aspects of the transaction, alongside onshore counsel Skadden, Arps, Slate, Meagher & Flom. Pismo were advised by onshore counsel Wilson Sonsini Goodrich & Rosati, and another offshore law firm.
Alistair Russell said: "Carey Olsen is delighted to have advised Visa on one of the largest, most interesting M&A deals of 2023 so far. This acquisition brings huge potential for both Visa and Pismo, and demonstrates Carey Olsen's proven ability to support market-leading deals for clients based in the Cayman Islands."
The acquisition is subject to regulatory approvals and other customary closing conditions and is expected to close by the end of 2023.
