Advising Volkswagen Financial Services on latest acquisition

We have advised Volkswagen Financial Services on its acquisition of payment solutions provider, Mirada Connect Limited (Connect) for a cash consideration of £2.1m.

Connect is a wholly owned subsidiary of Mirada Plc, a leading provider of integrated software solutions for digital TV operators and broadcasters. Connect was not a core business of the Mirada Group and operated independently of its main digital TV business providing cashless payment solutions to car park operators in the UK.

The business has been sold to PayByPhone Limited (part of Volkswagen Financial Services), a market leading pay by phone payment operator for parking, subject to the terms set out in a share sale agreement.

The Corporate team within Gateley Legal’s Leeds team worked on the deal. It was led by Corporate partner Sandip Khroud with support from associate Tamanna Keir and trainee solicitor Elizabeth Russell.

Sandip said: “We are pleased to have advised Volkswagen Financial Services on the successful acquisition of Connect as the UK moves towards a more cashless society.  It’s been a real team effort across Gateley to deliver this deal and we look forward to seeing the positive results of this investment.”