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Allen & Overy is advising CAB Payments Holdings on its London Stock Exchange listing

Allen & Overy is advising CAB Payments Holdings plc (CAB Payments) - a market leader in b2b cross-border payments and foreign exchange specialising in emerging markets - on its GBP851.4 million initial public offering (IPO) on the premium listing segment of the London Stock Exchange’s main market for listed securities.

CAB Payments offers a platform that enables businesses to accept and manage payments across multiple channels, currencies and payment methods, as well as providing data analytics, fraud prevention and compliance services. The company has over 20,000 customers in more than 120 countries, and processed over $27 billion of payment volume in 2020.

The IPO included a targeted offering to institutional investors outside the United States pursuant to Regulation S and to Qualified Institutional Buyers in the United States pursuant to Rule 144A of the United States Securities Act of 1933. In addition, it included an intermediaries offer in the United Kingdom through the REX platform.

The Allen & Overy team is led by Corporate partners Michael Bloch and Will Samengo-Turner, with support from senior associate Joe Kamyar, associates Laura Green, Will Johnson and Josh Cohen, and trainees Saurav Zangeneh, Charlotte McGuinness and Bonn Lee. US securities law advice was provided by USCF partner Jeff Hendrickson, supported by senior associate Carolyn Slauson-Ali, associate Katrien Wilmots and associate Victoria Sigle.

In addition, regulatory advice was provided by partner Kate Sumpter, supported by senior associates Jack Prettejohn and John Budd, incentives advice was provided by partner Paul McCarthy supported by associate Georgia Feltis, employment advice was provided by Abigail Thompson, and taxation advice was provided by partner Tim Harrop, supported by associates Sadia Khan and Freddy Pilkington. Allen & Overy’s Belfast office also provided support, including Gemma Boyle, Ciaran Seoighe, Gabriele Kochaite and Rebecca McGivern.

Partner Will Samengo-Turner, commented: “CAB Payments is a leader in its field, with a differentiated and scalable platform that enables businesses to navigate the complex and evolving global payments landscape. We’re proud to be working with such an exciting technology company – not to mention one that has such ambitious growth plans.  Supporting innovative companies such as CAB launch, scale and grow is what A&O is built for and we’re looking forward to seeing what comes next.”

Partner Michael Bloch, commented: "This is a significant transaction for the UK listings market, demonstrating the continued attractiveness of London as a destination for innovative and international technology companies. We look forward to continuing to support CAB Payments as a publicly listed company, and to seeing London show its resilience as a listing venue.”