Carey Olsen has acted as Cayman Islands counsel to Advance Intelligence Group Limited (AIGL) on the sale of a controlling interest in its subsidiary, Neuroncredit Pte. Ltd. (operating as Atome Financial), to Grab Holdings Limited (NASDAQ: GRAB), in one of Southeast Asia's most significant fintech transactions to date.
As part of the transaction, Grab will acquire a controlling 60% equity interest in Atome Financial for US$1.49 billion in cash. The proposed transaction is expected to complete by Q3 2027, subject to regulatory approvals and other customary closing conditions.
The transaction involved a complex, multi-jurisdictional regulatory landscape spanning Singapore, Malaysia, the Philippines, Indonesia and Thailand, together with a two-tranche acquisition structure incorporating performance-based valuation mechanics for the remaining equity interest.
Partner Anthony McKenzie said: "We are pleased to have supported Advance Intelligence Group on this landmark transaction. The deal reflects the continued growth and maturity of Southeast Asia's digital financial services market and highlights the increasing sophistication of cross-border fintech transactions in the region."
The Carey Olsen team was led by partner Anthony McKenzie and included counsel Eng How Cheow, counsel Maggie Yan and associate Anastasija Kornejeva. Carey Olsen advised on the Cayman Islands legal aspects of the transaction alongside A&O Shearman as lead transaction counsel.