Slaughter and May advised on the acquisition of Tungsten Bank plc

Slaughter and May advised the controllers of Wyelands Holdings Limited on the acquisition of Tungsten Bank plc from Tungsten Corporation plc, the global e-invoicing, purchase order services, analytics and financing company. Tungsten Bank has been renamed Wyelands Bank.

Tungsten Corporation plc received £25.0 million in cash which, together with £4.6 million of cash already received in connection with the disposal, amounts to an aggregate cash consideration for the business of £29.6 million.

The sale gained regulatory approval from the Prudential Regulation Authority and the Financial Conduct Authority in November.