Allen & Overy advising Eurowag on its partnership with JITpay™ Group
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A&O announced today that it is advising W.A.G payment solutions plc (Eurowag), a leading pan-European integrated payments and mobility platform focused on the commercial road transportation (CRT) industry, which has entered into a strategic partnership with JITpay™ Group (JITpay), a Germany-based payment service provider specialising in the logistics industry.
This move will allow Eurowag to expand its product portfolio by offering invoice discounting, digitalised billing and receivables management solutions. As part of the strategic partnership, Eurowag has acquired a minority stake in JITpay, with the flexibility for a potential increase in its ownership over time, subject to regulatory approvals. Eurowag’s customers will gain access to JITpay’s market-leading invoice discounting and management products, expanding a key pillar of its payment and mobility platform. JITpay’s proprietary technology will also enable Eurowag to further improve the efficiency of the CRT industry. In addition, the move will strengthen Eurowag’s presence in Germany, the largest trucking market in Europe.
This follows on from A&O’s role in advising Eurowag on its IPO on the London Stock Exchange in September 2021, and several other strategic investments in Europe.
Commenting on the partnership, Prague-based corporate partner Prokop Verner said: “It is gratifying to work on standout deals such as this one that allow our clients to meet their strategic goals and strengthen their offering. This transaction will help Eurowag grow its platform in end-to-end payment and mobility solutions in Germany and across Europe. Cross-border work is where we excel and the transaction is proof of our ability to manage multi-jurisidictional deals”.