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.
Contacts

Financial Institutions: Ben Kingsley (partner); Tax: Gareth Miles (partner), Ed Moberly (associate).