DLA Piper acts on behalf of Oncard in purchase of prepaid card company

DLA Piper has acted for Oncard International in the signing of a binding sale and purchase agreement with Great Bless Enterprises to sell its 50 per cent equity interest in its sino-joint venture company, Shanghai Smart Service Company (Smartpass) for AUD53.2m (£30m).

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 AUD2.84bn. As at the end of October 2013, total float funds on hand exceeded AUD355m.