Ashurst has advised FlexiGroup Limited (FlexiGroup) on the acquisition of Once Credit Pty Ltd (Once Credit) for A$45 million.

Once Credit operates in the interest free and credit card market, providing scale to FlexiGroup's existing Lombard Finance business, acquired in 2012. Ashurst also advised FlexiGroup on that transaction.

Once Credit's primary product is a VISA Card offering to retailers, supported by a strong distribution platform and high quality receivables books.

Lead partner on the matter, David McManus, said: "Once Credit complements FlexiGroup's acquisition of the Lombard business and provides a great platform to combine and grow the businesses."

The acquisition will be fully funded through an underwritten equity placement.

The Ashurst team included partner David McManus, senior associate Peter Atkin, lawyers James Parkin, Yin Song and Joshua Biggs (Corporate), partner Graeme Tucker and lawyer Michelle Kwan (Banking and Finance), partner Anita Cade, special counsel Natalie Hazel and lawyer Mary Papadopoulos (IP), partner Jennie Mansfield (Employment), partner Cameron Thomson and senior associate Nic Christian (Property), partners Peter McCullough and Barbara Phair, senior associate Sanjay Wavde and lawyer Elke Scevak (tax).

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