Willkie Farr & Gallagher has served as legal counsel to Atlanticus Holdings Corporation in its recent acquisition of Mercury Financial LLC. The transaction, which was announced on September 11, involved Atlanticus purchasing Mercury Financial for approximately $162 million in cash, along with the possibility of future earn-out payments. Following the deal, Mercury Financial operates as a wholly owned subsidiary of Atlanticus.
With this acquisition, Atlanticus gains an additional 1.3 million credit card accounts and $3.2 billion in credit card receivables. This brings the company’s total serviced accounts to over 5 million and managed receivables to more than $6 billion. According to the announcement, “The transaction further facilitates Atlanticus’ extension of its industry-leading credit expertise, program management capabilities, and technology to new partners.”
Atlanticus Holdings Corporation primarily invests in businesses within the financial services sector.
Willkie’s team advising on securitization aspects of the deal was led by partner Adam True and counsel Reagan Beck, with associate Zanudeen Makorie.