NHG Advises Rappi on USD 50M Sale of Rappicard to Banorte

NHG advised Rappi on the sale to Grupo Financiero Banorte of all of its shares in Tarjetas del Futuro, the company which operates Rappicard in Mexico, for $50MDD, and on the execution of an exclusive 15-year commercial agreement.

NHG advised Tecnologías Rappi, S.A.P.I. de C.V., on the sale to Grupo Financiero Banorte of the totality of its shares in Tarjetas del Futuro, S.A.P.I. de C.V., the company which operates Rappicard in Mexico, for $50MDD, and on the execution of an exclusive 15-year commercial agreement. The ad hoc deal structure included the restatement and amendment of certain agreements executed by the parties on 2020, to transfer equity, software and financing restructuring.

Ad hoc deal that included the restatement and amendment of certain agreements to transfer equity, software and financing restructuring from Tarjetas del Futuro, the company which operates Rappicard in Mexico, as well as the execution of an exclusive 15-year Commercial Agreement.

The closing of the transaction is subject to certain conditions, including obtaining the approval of the Mexican antitrust authority.

The main difficulty was changing the JV structure of the parties to a relationship of a commercial nature. Thus, the original transaction documents had to be negotiated substantially.

The deal value is USD$50,000,000 plus the expected revenues of the long-term commercial agreement.

nhg.mx