Baker McKenzie has successfully acted for Afterpay in a AUD 200m placement to US technology fund, Coatue Management. Afterpay stated Coatue was an existing investor and it would be the company's largest institutional shareholder after the raising.
Afterpay Touch Group Limited is a leading Australian financial technology company operating in the United States, United Kingdom, Australia and New Zealand. With a market capitalisation of over AUD 7 billion, it is now an ASX/S&P 100 company.
Baker McKenzie's lead partner on the transaction, Guy Sanderson stated: "We were delighted to act for our client, Afterpay, on the AUD 200 million private placement and proposed strategic partnership with leading US-based technology investor, Coatue Management. Proceeds were raised at market price, and will be targeted to global platform expansion opportunities."
Based in New York, Coatue is one of the world's largest technology investment firms. It is led by Chief Investment Officer Philippe Laffont, who founded the hedge fund after leaving Tiger Management in 1999. Coatue has approximately USD 17 billion in assets under management.
Coatue specialises in data science, and Afterpay has signed a term sheet for a collaboration agreement with Coatue to work on retail data analytics and future data driven products.
Guy was assisted by a Baker McKenzie team comprising: Antony Rumboll and Eric Li.
Baker McKenzie had previously acted for Afterpay on its ASX listing, merger with Touchcorp, and expansion activities in Australia, United States and United Kingdom.