Overview
Frankfurt, 11 September 2020 – McDermott Will & Emery advised giropay GmbH on the sale of giropay to paydirekt GmbH. The deal sees paydirekt GmbH take over all relevant business units of giropay GmbH and the combination of two of Germany’s leading payment systems for banks and savings banks. This will result in a single payment system under the giropay banner going forward. The transaction is expected to be completed in December 2020.
giropay GmbH, founded in 2005 by Postbank, the Sparkassen-Finanzgruppe (Star Finanz GmbH) and the cooperative financial group (Fiducia & GAD IT AG), provides an account-based service that allows “registration-free” payments on the Internet via online banking. In German e-commerce, giropay currently processes over one million transactions per month in a wide variety of industries.
The McDermott team advising giropay GmbH was led by Frankfurt partner Michael Cziesla and included Norman Wasse, Daniel von Brevern, Florian Lechner and Marion von Grönheim.
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