Cembra successfully completes acquisition of cashgate
SIX-listed Cembra Money Bank announced that it is completing the acquisition of 100% of the shares of cashgate AG from Aduno Holding for a purchase price of CHF 277 million on September 2, 2019. The completion of the acquisition of cashgate allows Cembra to realize substantial synergies and increase its financing portfolio of private loans and auto leasing financings by around CHF 1.4 billion to around CHF 6.2 billion. As part of the transaction, Cembra Money Bank has refinanced balance sheet liabilities of cashgate in the amount of around CHF 1.4 billion.
Lenz & Staehelin advised Cembra Money Bank in this transaction. The team included Beat Kühni and Fabiano Menghini (overall / Corporate and M&A), Lukas Staub (TMT and Outsourcing), Astrid Waser and Patrick Sattler (Competition) and Robin Hauser (Regulatory).