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Credible and Fox complete $585m merger
Credible and Fox Corporation complete $585 million merger with DLA Piper assistance.
Naomi Neilson
Firm: DLA Piper (Credible Labs Inc)
Value: $585 million
Area: M&A
Key players: DLA Piper’s global, cross-practice team was led in Australia by head of corporate Sydney, David Ryan, and senior associate Elliott Cheung. Assisting in New York was corporate group co-chair Christopher P Giordano and partner Jon Venick.
The deal team was primarily supported in Australia by senior consultant James Philips, partner Martin Jamieson, special counsel Kelly Morrison and solicitor Jake Thornton, US associate Carina Meleca and foreign legal consultant Rube Uthayakumar.
A cross-border tax team also played a key role, led in Australia by partner Eddie Ahn and senior associate Jun Au, with US partners Anil Kalia and Drew M Young.
Deal significance: Founded in 2012 by entrepreneur Stephen Dash, San Francisco-based Credible operates a consumer finance marketplace “that helps consumers save money and make better financial decisions”.
Following the merger, DLA Piper said it is envisaged that Credible will underscore Fox Corporation’s digital strategy and will become a resource for its Fox Business Network.
A US-style merger of this kind involving a US domiciled ASX-listed counterparty is “not a well-worn path in the Australian and US markets.” The multijurisdictional nature of the deal involved DLA Piper offices across the US and Australia.
Mr Ryan said: “Having supported Credible on its IPO and ASX-listing in 2017 and on its listed company journey since then, we are delighted to work with them again on another transformative milestone in their impressive history.
“With one of the most active technology practices globally and our strong recent track record, this deal highlights DLA Piper’s ability to leverage our global presence to seamlessly execute complex cross-border transactions.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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