Fox Williams advised the shareholders of Swedish connected car company Springworks AB on the sale of the company’s entire issued share capital to UK based Tantalum Corporation.
The deal, which completed in late December 2018, offers the opportunity for the two companies to combine their strengths, as together they become one of the largest connected car solution providers in the world with significantly extended scope across the major markets of Europe and the USA.
Founder and CEO of Springworks, Erik Ramberg, said “Tantalum is a perfect match for Springworks and our combined capabilities, customers, service providers and partners enables us to continue to drive innovation in the automotive space. Bringing together Tantalum’s strong payment solutions to our ecosystems of service providers is a great example where we become unique and attractive to service providers and cities on their way to Mobility-as-a-Service solutions”.
The Fox Williams’ team was led by Head of Corporate Richie Clark, supported by fintech and alternative finance partner Jonathan Segal, corporate associate Bethany Silkin and IP, data protection and employment law specialists from across the firm.
Commenting on the sale, Richie Clark said “We were delighted to help the Springworks shareholders achieve a successful exit. This strategic transaction featuring innovative connected technology in the automotive space showcased Fox Williams’ expertise advising on cross-border deals in the technology sector.”