News Releases

Baker Botts Acts on the Sale of Flex-e-Card Limited to EML Payments Limited


Deal Description: May 20, 2019 – Flex-e-Card Limited (FEC), a FinTech company providing gift card solutions to the shopping mall sector, with 226 shopping centres under contract across Europe and the United Arab Emirates has agreed to its acquisition by EML Payments Limited (ASX: EML) (EML). EML provides prepaid payment services in Australia, Europe, and North America and issues mobile, virtual, and physical card solutions for payouts, gifts, incentives and rewards, and supplier payments.

On 17 May 2019 (London), EML executed a Share Purchase Agreement (SPA) to acquire 100% ownership share in FEC for a total consideration of £21.6 million. The transaction is expected to complete on 28 June, subject to satisfaction or waiver of conditions precedent.

Baker Botts acted as legal advisor to FEC. Lock Lorde acted as legal advisor to EML.

Baker Botts Lawyers/Office Involved:

Corporate: David Ramm (Partner, London); Matt Lewy (Senior Associate, London); Sonia Namutebi (Associate, London), Ella Ehrenberg-Peters (Associate, London)

Global Projects/Real Estate: Melanie Sharpe (Special Counsel, London)

Litigation: Sheena McCaffrey (Special Counsel, London)

Tax/Income Tax: Graham Brough (Special Counsel, London)

Intellectual Property: Zarah Rasool (Senior Associate, London)

Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit

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