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Stargroup acquisition deal sealed
Cashpoint Payment Solutions and FC Capital have clinched a deal to acquire the assets of Stargroup.
Melissa Coade
Firms: MinterEllison (Cashpoint Payment Solutions Pty Ltd); HWL Ebsworth (Stargroup Ltd and KordaMentha)
Value: $8.5 million
Area: Corporate, Finance
Key players: The MinterEllison team advising Cashpoint was led by partner Ron Forster (pictured). Senior associate Michael Scarf, Darren Symons and Rosie Connolly assisted with the deal.
Deal significance: Cashpoint partnered with Stargroup’s biggest creditor, FC Capital, to purchase the ASX-listed company.
Stargroup is an ATM business, providing end-to-end ATM deployment and electronic payment system services and solutions.
Cashpoint has heralded the acquisition as an opportunity to expand the scale of its business and develop its financial services offering.
A statement from MinterEllison, who advised Cashpoint on the deal, said that the transaction involved complex corporate restructuring, in part due to paying down part of Stargroup’s debt. The firm also noted that the acquisition had to be structured in a “tax effective way” to enable Cashpoint to combine its existing ATM, and cash management business with Stargroup.
“Our team worked very closely with Cashpoint to manage multiple counterparties with different commercial interests and timetables, all the while ensuring a tax-efficient structure,” lead partner Ron Forster said.
“This is a company-transforming transaction for Cashpoint as it works towards expanding and developing its payment technology business.
“We look forward to continuing to support Cashpoint as they go from strength to strength.”
MinterEllison advised Cashpoint on all aspects of the transaction.
