Cuatrecasas advises sellers on sale of Klap to Itaú for $40 billion
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SubscribeIn a deal that reshapes the payments market, Banco Itaú Chile acquired 100% of Multicaja and Iswitch, companies that operate under the Klap brand, for $40 billion. The transaction is part of a competitive process in which Cuatrecasas has advised Sonda, Inder, Etcheberry Asesoría y Negocios, and Javier Etcheberry as sellers, and whose culmination positions Itaú in a segment where Klap holds approximately 8.4% of the payment card operator market in Chile.
The transaction presents an additional challenge given the buyer's banking nature. The agreement includes provisions for corporate restructuring, compliance measures, and regulatory adjustments to meet current regulatory requirements.
Klap operates in approximately 30,000 points of sale, focusing substantially on SMEs, implementing a technological platform that allowed it to grow in a highly competitive environment.
From a regulatory and competition standpoint, the closing of the transaction is subject to the usual closing conditions and obtaining approvals from Chile’s Financial Market Commission, the Central Bank of Brazil, and the Merger Division of the Chilean Antitrust Authority.
Cuatrecasas advised the sellers on the legal design and execution of the transaction. The advisory team was made up of lead counsel Macarena Ravinet (Corporate M&A/Finance), along with Roberto Guerrero (Corporate M&A) and Rodrigo Stein (Tax), and with the support of Manuel Guerrero (Corporate M&A), Tomás Montes (Fintech), and Victoria Herrera (Corporate M&A).
Regarding the transaction, Macarena Ravinet stated: “This transaction recognizes the value built by Klap through sustained and consistent performance in a highly competitive market like the Chilean acquiring market. Through a robust technological offering and a special focus on the SME segment, Klap achieved a significant market position, and the closing of this transaction with Itaú Chile marks a turning point in the consolidation of its project”.
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