Global law firm DLA Piper has advised ASX-listed US fintech company Credible Labs Inc. (ASX: CRD) on its AUD585 million proposed merger with NASDAQ listed Fox Corporation.
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, 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 multi-jurisdictional nature of the deal involved DLA Piper offices across the US and Australia, and is another example of the firm's capability in executing complex market-leading global M&A and capital markets transactions, particularly in the technology sector.
DLA Piper's global, cross practice team was led in Australia by Head of Corporate Sydney, David Ryan and senior associate Elliott Cheung, and in the US by New York 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; and in the US by 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 and Jun Au; and in the US by partners Anil Kalia and Drew M. Young.
David 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 track record, this deal highlights DLA Piper's ability to leverage our global presence to seamlessly execute complex cross border transactions."
This deal comes on the back of DLA Piper recently advising several ASX-listed companies on similar complex global transactions, including advising US tech company Life360 on its AUD820 million IPO and ASX listing (largest IPO of 2019 at the time), Webjet Limited on its USD173 million acquisition of UAE-based Destinations of the World, Link Group on its AUD1.49 billion acquisition of European based Capita Asset Services and Credible on its AUD300 million IPO and ASX listing (largest tech IPO of 2017).