Lloyds Banking Group to Acquire Digital Wallet Provider Curve for £120m
Lloyds Banking Group has signed a £120 million deal to acquire the digital wallet provider Curve, with a share sale and purchase agreement having been signed and an official announcement expected next week. The deal is seen by Curve as falling short of its ambitions but the best available path forward for creditors and shareholders.
Curve has raised at least £250 million in funding since its establishment. However, some shareholders, notably IDC Ventures, the company’s largest external shareholder with a 12% stake, have expressed deep concerns about governance and have not supported the sale. IDC Ventures has also reserved its legal rights and appointed London law firm Quinn Emanuel to advise on the situation.
Efforts by some shareholders to remove Lord Fink, Curve’s chair, and Shachar Bialick, founder and CEO, as directors were voted down at a shareholder meeting held in early last month. Shareholders have also criticised the sale price and the distribution of proceeds from the deal.
Lloyds Banking Group hopes that the acquisition will help it gain an edge in smarter online payments, particularly as Apple faces pressure to open its payment services to competitors.
