Client or Matter Name
Tecnologías Rappi, S.A.P.I. de C.V. (doing business as “Rappi Mexico) - a leading global technology company with presence in over 100 cities in Latin America.
Deal Description
Counsel to Rappi Mexico, and the sale of 100% of its equity participation in Rappipay México, S.A. de C.V., Institución de Fondos de Pago Electrónico – a regulated entity under the Law to Regulate Financial Technology Institutions and the manager of “Rappipay” a digital funds wallet or “e-wallet” - to Tarjetas del Futuro, S.A.P.I. de C.V. – the financial arm of Rappi Mexico and the company resulting from Rappi Mexico’s joint venture with Grupo Banorte and Mexico’s first fully digital integrated financial company.
Innovation & Additional Comments
The deal was particularly challenging given that it involved the structuring and putting into place of complex acquisition and ancillary documents.
Likewise, the transaction is relevant as it consolidates of all of Rappi Mexico’s financial business within the umbrella of Tarjetas del Futuro.
It is important to note that the deal was signed this part September 20, but it is subject to several closing conditions including regulatory and corporate governance conditions.
This matter is also relevant due to the parties involved, which are highly important companies in sophisticated sectors, and due to the fact that it marks another relevant milestone in the joint venture between Rappi Mexico and Grupo Banorte.
Jurisdiction
Mexico and Colombia
Governing Law
Mexican federal law
Deal Value
MXN$41,,000,000.00 (Forty One Million Pesos 00/100 M.N.).
Deal Duration, Date of Closing / Signing
- Formal negotiations (as defined above) began on April, 2020.
- Acquisition documentation signing: September 21, 2021
- Closing: Expected in the month of October 2021
Practice Area
- Mergers and Acquisitions
Team GC
- Lead Partner: José Ignacio Rivero Andere
- Managing Associate: Jacinto Avalos Capin
- Associate: Rodrigo Poumian González
Other Firms Involved
Creel, García-Cuellar, Aiza y Enríquez, S.C., as legal counsel to de Banorte, as a party to the joint-venture in Tarjetas del Futuro.
- Lead Partner: Iker Arriola Peñalosa
- Senior Associate: Gerardo Zimbrón Santamaría
