US and Danish investors snap up Peruvian payment business

Multiple firms in cross-border berry business buy

US investment fund Nuveen Global Impact Strategy and Denmark’s Maj Invest have enlisted Rodrigo, Elías & Medrano Abogados in Lima to buy a controlling stake in Maryland-based payment network GTV Globokasnet (GKN), a deal that hands them the Peruvian subsidiary Globokas.

Philippi Prietocarrizosa Ferrero DU & Uría (Peru) advised GKN.

Mayer Brown LLP in New York advised Accion International, a shareholder of GKN.

US firms Goodwin Procter LLP and Sidley Austin LLP are also thought to have been involved in the deal, but Latin Lawyer could not confirm this prior to publishing.

The transaction closed on 22 June.

Nuveen and Maj Invest bought a combined 68.69% stake in GKN. The deal included the indirect transfer of Globokas Perú – a wholly-owned subsidiary of GKN – to the buyers.

Globokas Perú is a multi-bank correspondent agent network that connects more than 50 financial institutions with independent and small retailers across Peru. It focuses particularly on rural and underserved areas of the country, providing payment processing services. 

By bringing two new investors on board, GKN hopes to boost its regional expansion while also growing its portfolio of products and services.

Counsel to Nuveen Global Impact Strategy and Maj Invest Financial Inclusion Fund III

Rodrigo, Elías & Medrano Abogados 

Partners Luis Enrique Palacios and Jose Talledo, and associates Ricardo De Vettor, Ivan Blume, Adriana Bracamonte, Fiorella Monge, Daniel Francisco, Alejandro Araujo, Melanie Castillo, Micaela Torres and Jacques D’Auriol in Lima

Counsel to GTV Globokasnet (GKN)

Philippi Prietocarrizosa Ferrero DU & Uría (Peru)

Partner Guillermo Ferrero and associates Raúl Vizcarra, Jacqueline Febres, Renato Manrique and Victor Bravo in Lima

Counsel to Accion International

Mayer Brown LLP

Partner David Carpenter and associate Emaunil Stoichev in New York