S&C Advises American Express in Acquisition of KabbageAugust 19, 2020
On August 17, American Express announced that it had entered into an agreement to acquire substantially all of Kabbage, a leading financial technology company providing cash flow management solutions to small businesses in the United States. American Express will acquire Kabbage's team and its full suite of financial technology products, data platform and intellectual property built for small businesses.
With the addition of Kabbage's technology, products and people, American Express plans to offer a broader set of cash flow management tools and working capital products to its millions of small business customers in the United States. The acquisition is expected to close later this year, subject to customary closing conditions. Kabbage's pre-existing loan portfolio is not included in the transaction.
The S&C team advising American Express includes Stephen Salley and Mitch Eitel. Mike Escue is advising on regulatory matters; Nader Mousavi and Mark Schenkel are advising on intellectual property matters; Regina Readling is advising on executive compensation and benefits matters; Ron Creamer is advising on tax matters; and Renata Hesse, Juan Rodriguez and Eric Queen are advising on competition matters. Amanda Flug Davidoff and Rebecca Simmons provided advice on certain due diligence matters.