DLA Piper has acted for OnCard International Limited (OnCard) in the signing of a binding sale and purchase agreement with Great Bless Enterprises Limited to sell its 50% equity interest in its sino-joint venture company, Shanghai Smart Service Company Limited (SmartPASS) for AU$53.2 million.

SmartPASS operates principally in Shanghai and is the pre-eminent, independent, multi-merchant prepaid card company in China.

The signing of the sale and purchase agreement is the fruition of OnCard's determination to realise on behalf of its shareholders the full value created in the SmartPASS business. Since issuing its first prepaid card in November 2005, in excess of 34 million cards have been issued with cumulative sales exceeding AU$2.84 billion. As at the end of October 2013, total float funds on hand exceeded AU$355 million.

DLA Piper's team was led by partners Mark Burger (Melbourne) and Kit Kwok (Shanghai).

Mark Burger said: "We are very proud to have been involved in the signing of this agreement, which was a significant one for OnCard."