Global law firm Baker McKenzie is advising Affirm, a more flexible and transparent alternative to credit cards, in its definitive agreement to acquire PayBright, one of Canada's leading buy-now-pay-later providers. Under the terms of the agreement, Affirm will acquire PayBright for a total cash and equity consideration of approximately CAD $340 million. Additional terms of the transaction were not disclosed.
The combination of Affirm and PayBright unites two innovators with complementary merchant relationships and deeply aligned cultural values, and creates a payment solutions platform with expanded scale and reach. Together, Affirm and PayBright will have a larger and more diverse merchant network across the United States and Canada. Additionally, PayBright’s first-mover advantage in Canada provides Affirm the opportunity to continue to expand.
The Baker McKenzie team advising Affirm is led by M&A partner Lawrence C. Lee and includes M&A partner Nancy Hamzo and M&A associates Barry Chang, Francois Desmarais, Olivia Lysenko and Amanda Bradley. The team also includes Tax partners Kai Kramer and Peter Clark; Tax associates Ross Staine and Andrew Morreale; Intellectual Property & Technology partner Marcela Robledo; Intellectual Property & Technology associates Karina Kudinova and Andrew Chien; Employment & Compensation counsel Jeremy Hann; and Employment & Compensation associate Ajanthana Anandarajah.
Baker McKenzie is a transactional powerhouse with over 2,500 deal lawyers and expertise in over 46 countries. We excel in cross-border deals – over 60% of our deals are multi-jurisdictional. We are global and local, combining money-market sophistication with local excellence.
The transaction is expected to close in the first quarter of calendar year 2021, subject to customary closing conditions.
Affirm is purpose-built from the ground up to provide consumers and merchants with honest financial products and services that improve their lives. We are revolutionizing the financial industry to be more accountable and accessible while growing a network that is beneficial for consumers and merchants. Affirm provides more than 6.2 million U.S. and Canadian consumers a better alternative to traditional credit cards, giving them the flexibility to buy now and pay over time at virtually any store. Unlike payment options that have late fees, compounding interest and unexpected costs, Affirm shows customers up front exactly what they’ll pay — with no hidden fees and no surprises. Affirm partners with over 6,500 merchants in the U.S., helping them grow sales and access new consumers. Our merchants include brands like Walmart, Peloton, Oscar de la Renta, Audi, and Expedia, and span verticals including home and lifestyle, travel, personal fitness, electronics, apparel and beauty, auto, and more. Loans through Affirm are provided by these lending partners: affirm.com/lenders.
About Baker McKenzie
Baker McKenzie helps clients overcome the challenges of competing in the global economy. We solve complex legal problems across borders and practice areas. Our unique culture, developed over 65 years, enables our 13,000 people to understand local markets and navigate multiple jurisdictions, working together as trusted colleagues and friends to instil confidence in our clients.