Squire Patton Boggs has advised the Administrators of Wonga Group Limited on their sale of Wonga Poland.
A team led by Corporate partner Marcin S. Wnukowski in Warsaw and including Financial Services senior associate Małgorzata R. Olech and, in London, Corporate partner Julian Ciecierski-Burns, advised the Administrators on the sale of all shares in Wonga.pl sp. z o.o. to Kruk S.A, a leading debt management services company. The transaction value is PLN 97.1 million, comprising the value of the shares in the target company and brand ownership (PLN 3 million), as well as repayment of the company’s liabilities owed to the seller (PLN 94.1 million).
Wonga has been present in Poland since 2012 and has provided over 1.5 million loans since its inception. Its customer base has exceeded 1.1 million accounts. In 2017, the company generated revenue of PLN 100 million.