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Morrison Foerster Advises Visa on Sale of ecolytiq to, and Acquisition of Shares in, Clarity AI

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Morrison Foerster (MoFo) has advised Visa, a world leader in digital payments, on the sale of its stake in Berlin-based...

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Morrison Foerster (MoFo) has advised Visa, a world leader in digital payments, on the sale of its stake in Berlin-based sustainability Fintech ecolytiq to Clarity AI, a sustainability tech platform offering data solutions, insights, analytics capabilities, and tools used for portfolio management for numerous global financial services and investment management clients, assisting in the management of their approximately USD 70 trillion in aggregate assets worldwide.Founded in 2020, ecolytiq operates a sustainability-as-a-service platform which enables banks and financial institutions to provide their customers with transparency on individual environmental impact, while enabling new business models for the financial sector in alignment with the UN Sustainable Development Goals. Visa has been collaborating with ecolytiq, amongst others, since its inception, on a carbon footprint tracker in online banking apps which allows Visa issuers to add sustainability-focused benefits to Visa cardholders.The transaction was structured as a cross-border share-for-share deal, with shareholders in German ecolytiq GmbH receiving shares in Clarity AI Inc., a Delaware corporation. As a result of the transaction, Visa has become an investor and strategic partner of Clarity AI, strengthening Clarity AI’s consumer-facing capabilities.MoFo had previously advised Visa on its investment in ecolytiq, starting with ecolytiq’s EUR 13.5 million seed funding round in 2022.

Morrison Foerster Advises Visa on Sale of ecolytiq to, and Acquisition of Shares in, Clarity AI

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Joerg is a partner at Morrison Foerster’s German office in Berlin. His practice focuses on M&A, private equity transactions, and general corporate and finance matters.Joerg represents strategic and financial investors in a broad range of corporate matters with a focus on domestic and cross-border M&A transactions, complex joint ventures and corporate restructurings. He has also handled a significant number of distressed company acquisitions and regularly represents clients in financial transactions and debt restructurings.Joerg is recognized by leading publications, including Legal 500 EMEA and Chambers Global, with sources describing him as a “solution oriented expert”.Joerg has extensive experience counseling clients in a variety of industries, including technology (e. g. software, internet), media, automotive, transportation and real estate.<h4>Representative Experience</h4><ul><li>Fujitsu Semiconductor on the spin off with European semiconductor business unit (SoC) and the set-up of a joint venture with Panasonic. </li><li>TeleColumbus AG, a German cable operator,  on the acquisition of Primacom and Pepcom. </li><li>Planet Labs on the acquisition of the German satellite system Rapid Eye from Blackbridge Group.</li><li>Kieger AG and BWK Unternehmensbeteiligungs GmbH on the acquisition of the technical optics business from Eschenbach AG.</li><li>Majority shareholder of Schmolz + Bickenbach AG on the financial restructuring of the company, including a €435 million capital increase.</li><li>H2 Equity Partners on the acquisition of all assets of the insolvent Haarmann Group, a specialist in metal pressing and metal hardening.</li><li>Midlabs Inc. on the acquisition of Fritz Ruck Ophthalmologische Systeme GmbH.</li><li>DAM Capital Management S.à.r.l. (a company of the Anschutz Group) in the financial restructuring and subsequent sale of RAIL.ONE GmbH, a leading railway-tie manufacturer.</li><li>BWK GmbH Unternehmensbeteiligungsgesellschaft on the sale of a majority stake in WIELAND Dental+Technik GmbH & Co KG, a producer of, inter alia, laboratory implants, alloys and solders, and veneering ceramics.</li><li>News Corporation on the acquisition of a majority stake in and the refinancing of Sky Deutschland AG.</li><li>PubliGroupe S.A. on the acquisition of ZANOX.de AG in a joint venture with Axel Springer AG and with regard to the add-on acquisitions of Digital Windows Ltd. and Buy.at Ltd.</li><li>Hi-Media S.A. on the acquisition of the German AdLink Media Group.</li><li>News Corporation on the reorganization and subsequent sale of the German Fox Mobile Group (JAMBA!).</li><li>Kéolis S.A. on the bidding process for Arriva Deutschland GmbH, a passenger railway carrier.</li><li>GASAG Berliner Gaswerke Aktiengesellschaft on a large number of debt financings, including several Schuldschein-loan agreements and the financing of the re-purchase of its gas storage facilities.</li><li>Berliner Verkehrsbetriebe AöR on the sale of GHG Wohnen GmbH, a residential housing company.</li><li>US-REIT on numerous sale and lease back transactions, inter alia on the sale and lease back of 36 do-it-yourself stores in Germany.</li></ul>

Jörg Meißner ist Partner des deutschen Büros von Morrison Foerster in Berlin. Sein Tätigkeitsschwerpunkt liegt auf den Bereichen M&A, Transaktionen im Bereich Private Equity sowie auf allgemeinen gesellschaftsrechtlichen und Finanzfragen.Jörg Meißner vertritt strategische Investoren sowie Finanzinvestoren zu einem breiten Spektrum gesellschaftsrechtlicher Fragen mit einem Schwerpunkt auf nationalen und grenzüberschreitenden M&A-Transaktionen, komplexen Joint Venture-Strukturen und gesellschaftsrechtlichen Restrukturierungen. Darüber hinaus hat er eine beträchtliche Zahl von Unternehmenskäufen im Vorfeld der Insolvenz begleitet und vertritt Mandanten ferner regelmäßig bei Finanztransaktionen und Umschuldungen.Jörg Meißner wird von führenden Publikationen wie Legal 500 EMEA und Chambers Global empfohlen und gilt als „lösungsorientierter Experte“.Er verfügt über umfangreiche Erfahrung bei der Beratung von Mandanten in verschiedenen Branchen, wie z. B. Technologie (z. B. Software und Internet), Medien, Automobil, Transport und Immobilien.Referenzen<ul><li>Beratung von Fujitsu Semiconductor bei der Überführung des europäischen Halbleiterentwicklungsgeschäfts (SoC) in ein Joint Venture mit Panasonic (Socionext)</li><li>Beratung des Kabelnetzbetreibers TeleColumbus AG beim Erwerb von Primacom und pepcom</li><li>Beratung von Planet Labs Inc. beim Erwerb des deutschen Satellitensystems Rapid Eye von der BlackBridge‑Gruppe</li><li>Beratung der Kieger AG und der BWK Unternehmensbeteiligungs GmbH beim Erwerb des Geschäftsbereichs Technische Optik von der Eschenbach AG</li><li>Beratung des Mehrheitsaktionärs der Schmolz + Bickenbach AG bei der finanziellen Restrukturierung des Unternehmens einschließlich einer Kapitalerhöhung von EUR 435 Millionen</li><li>Beratung von H2 Equity Partners bei der Übernahme aller Vermögenswerte der insolventen Haarmann-Gruppe, einem Spezialisten für Metallpressung und Metallhärtung</li><li>Beratung der Midlabs Inc. beim Erwerb der Fritz Ruck Ophthalmologische Systeme GmbH</li><li>Beratung der DAM Capital Management S.à.r.l. (einem Unternehmen der Anschutz-Gruppe) bei der finanziellen Restrukturierung und dem anschließenden Verkauf der RAIL.ONE GmbH, einem führenden Hersteller von Bahnschwellen</li><li>Beratung der BWK GmbH Unternehmensbeteiligungsgesellschaft bei der Veräußerung der Mehrheitsbeteiligung an WIELAND Dental+Technik GmbH & Co. KG, einem Hersteller von Laborimplantaten, Legierungen und Loten sowie von Verblendkeramik u. a.</li><li>Beratung der News Corporation beim Erwerb einer Mehrheitsbeteiligung an der Sky Deutschland AG sowie deren Refinanzierung</li><li>Beratung der PubliGroupe S.A. beim Erwerb der ZANOX.de AG in einem Joint Venture mit der Axel Springer AG sowie rechtliche Begleitung in Bezug auf die Add-On-Akquisition von Digital Windows Ltd. und Buy.at Ltd.</li><li>Beratung der Hi-Media S.A. beim Erwerb der deutschen AdLink Media Group</li><li>Beratung der News Corporation bei der Umstrukturierung und dem anschließenden Verkauf der deutschen Fox Mobile Group (JAMBA!)</li><li>Beratung der Kéolis S.A. beim Bieterverfahren für die Arriva Deutschland GmbH, einem Anbieter für Schienenpersonenverkehr </li><li>Beratung der GASAG Berliner Gaswerke Aktiengesellschaft bei zahlreichen Fremdkapitalfinanzierungen, einschließlich diverser Schuldscheindarlehensverträge und der Finanzierung des Rückkaufs ihrer Gasspeicheranlagen</li><li>Beratung der Berliner Verkehrsbetriebe AöR bei der Veräußerung der Wohnungsbaugesellschaft GHG Wohnen GmbH </li><li>Beratung eines US REIT bei verschiedenen Sale-and-lease-back Transaktionen, unter anderem dem Sale-and-lease-back von 36 Baumärkten in Deutschland</li></ul>

Jörg Meißner

Partner

Monika Obal is a counsel at Morrison Foerster’s German office in Berlin. Her practice focuses on domestic and cross-border M&A transactions and on general corporate matters.Monika studied law at the Humboldt-Universität zu Berlin. Before joining Morrison Foerster she worked at the Freie Universität Berlin as a research assistant in the area of insurance, international and company law. Her doctoral thesis deals with corporate governance issues of insurance companies.

Monika Obal ist Counsel des deutschen Büros von Morrison Foerster in Berlin. Sie begleitet nationale und grenzüberschreitende M&A-Transaktionen und berät deutsche und internationale Mandanten in Fragen des Gesellschaftsrechts.Monika Obal studierte Rechtswissenschaften an der Humboldt-Universität zu Berlin. Vor ihrem Eintritt bei Morrison Foerster arbeitete sie als wissenschaftliche Mitarbeiterin an der Freien Universität Berlin im Gebiet Versicherungs-, Gesellschafts- und Internationales Recht. Begleitend dazu promovierte sie im Bereich der Corporate Governance von Versicherungsgesellschaften.

Monika Obal

Counsel

As a German lawyer and the Head of Legal Tech Solutions at Morrison Foerster’s Berlin office, Tobias uniquely combines comprehensive legal and technological capabilities.Tobias focuses on business and corporate law in complex national and cross-border M&A transactions and is particularly experienced in the technology sector as well as in advising private equity investors. He advises corporations and private equity investors primarily on multijurisdictional M&A transactions, joint ventures, corporate carve-outs, management equity participation, and corporate restructurings.For more than 20 years, starting well before law school, Tobias has been continuously working also on the technical side of IT projects, fostering the development and implementation of innovative project management, collaboration, and automation solutions, and he provides strategic advice to clients on legal tech.Prior to joining Morrison Foerster, Tobias was a senior associate at a Magic Circle firm as well as an associate and a law clerk at two major international law firms in Munich and Hong Kong. Also, he previously worked for a leading German technology company in product management roles in Munich and Taipei, after initially gaining his first professional experience in software development and IT consulting at a leading German technology company and one of the world’s largest media conglomerates. He is admitted as a lawyer in Germany and speaks English, German, Chinese (Mandarin), and Spanish.<h4>Representative Experience</h4><ul><li>Charterhouse Capital Partners in the acquisition of the telecommunications and software company Telio</li><li>Hg in the sale of the legal technology company STP</li><li>One Peak Partners in an investment in the privacy and compliance software company DataGuard</li><li>PAI Partners in the acquisition of the insulation manufacturer Armacell</li><li>Cathay Capital Private Equity in an investment in medifa healthcare group, a medical technology company, and in the acquisition of WST Präzisionstechnik, a manufacturer of high-precision turned parts</li><li>The Riverside Company in the acquisition of the insurance technology company ACTINEO</li><li>Schaeffler in the acquisition of drive-by-wire technology and the formation of a German joint venture</li><li>Summit Partners in the initial public offering of the portfolio company Westwing as well as Summit Partners’ portfolio company Acturis in the acquisition of the software company ASSFINET</li><li>EQT’s portfolio company Kuoni GTA in the acquisition of the international travel group MTS Globe and its reversal</li><li>Duke Street in connection with the acquisition of the medical technology company Medi-Globe</li><li>Sun European Partners in the acquisition of the FLABEG group specializing in fine glass products</li><li>CR-Invest in the sale of the aviation business of the E.I.S. group to EQT Partners</li><li>Beyond Capital Partners in an investment in the lighting technology company LDBS Lichtdienst</li></ul>

Als Rechtsanwalt und Head of Legal Tech Solutions im Berliner Büro von Morrison Foerster verbindet Tobias Hoppe in besonderer Weise umfassende juristische und technologische Erfahrung.Tobias Hoppe berät zum Wirtschafts- und Gesellschaftsrecht im Rahmen komplexer nationaler und grenzüberschreitender Unternehmenstransaktionen und ist erfahren insbesondere im Technologiesektor sowie in der Beratung von Private Equity-Investoren. Er berät Unternehmen und Finanzinvestoren vor allem im Zusammenhang mit multijurisdiktionalen M&A-Transaktionen, Gemeinschaftsunternehmen, Konzernausgliederungen, Managementbeteiligungen und gesellschaftsrechtlichen Umstrukturierungen.Mit mehr als 20 Jahren Berufserfahrung auf der technischen Seite von IT-Projekten treibt Tobias Hoppe auch die Entwicklung und Anwendung innovativer Softwarelösungen zum Projektmanagement, zur Zusammenarbeit und zur Automatisierung voran und berät Mandanten zudem strategisch im Bereich Legal Tech.Vor seinem Wechsel zu Morrison Foerster war Tobias Hoppe Senior Associate bei einer Magic Circle-Kanzlei sowie Associate und wissenschaftlicher Mitarbeiter bei zwei internationalen Großkanzleien in München und Hongkong. Davor arbeitete er für einen führenden deutschen Technologiekonzern im Produktmanagement in München und Taipeh, nachdem er zuvor erste Berufserfahrung in der Softwareentwicklung und im IT Consulting bei einem führenden deutschen Technologiekonzern und einem der weltweit größten Medienunternehmen gesammelt hatte. Er ist ein in Deutschland zugelassener Rechtsanwalt und spricht Deutsch, Englisch, Chinesisch (Mandarin) und Spanisch.<h4>Referenzen</h4><ul><li>Charterhouse Capital Partners beim Erwerb des Telekommunikations- und Software-Unternehmens Telio</li><li>Hg beim Verkauf des Legal Tech-Unternehmens STP</li><li>One Peak Partners bei der Beteiligung am Datenschutz- und Compliance-Softwareunternehmen DataGuard</li><li>PAI Partners beim Erwerb des Dämmstoffherstellers Armacell</li><li>Cathay Capital Private Equity bei der Beteiligung am Medizintechnikunternehmen medifa healthcare group sowie beim Erwerb des Präzisionsfräs- und drehteilherstellers WST Präzisionstechnik</li><li>The Riverside Company beim Erwerb des Versicherungstechnologieunternehmens ACTINEO</li><li>Schaeffler beim Erwerb von Drive-by-Wire Technologie und der Gründung eines Gemeinschaftsunternehmens</li><li>Summit Partners beim Börsengang des Portfoliounternehmens Westwing und Summit Partners-Portfoliounternehmen Acturis beim Erwerb des Versicherungssoftwareunternehmens ASSFINET</li><li>EQT-Portfoliounternehmen Kuoni GTA beim Erwerb des internationalen Touristikunternehmens MTS Globe und dessen Rückabwicklung</li><li>Duke Street im Zusammenhang mit dem Erwerb des Medizintechnikunternehmens Medi-Globe</li><li>Sun European Partners beim Erwerb der FLABEG-Gruppe spezialisiert auf glasveredelte Produkte</li><li>CR-Invest beim Verkauf des Luftfahrtunternehmens der E.I.S.-Gruppe an EQT Partners</li><li>Beyond Capital Partners bei der Beteiligung am Beleuchtungstechnikunternehmen LDBS Lichtdienst</li></ul><div>*Referenzen aus der Zeit vor dem Eintritt bei Morrison & Foerster</div>

Tobias Hoppe

Alfredo Silva is a key member of the firm’s Social Enterprise + Impact Investing Group and the Emerging Companies + Venture Capital practice. He advises companies and investors—particularly in life sciences, agtech, and fintech—on a wide range of corporate and securities matters, with a strong focus on venture capital, growth equity and corporate venture capital financings. Alfredo brings particular expertise in complex restructuring and recapitalization transactions. He also advises both impact-first and return-first investors on building mission lock into their strategies, works with clients to form Delaware public benefit corporations and structure for-profit/non-profit “hybrid” entities that can attract both philanthropic and traditional capital, and on a pro bono basis advises nonprofits and small businesses on formation, structuring and governance matters.In his private company practice, Mr. Silva has served as company or investor counsel in early- and late-stage financings, minority strategic investments and impact investments in over a hundred private companies, including representation of SoftBank and SoftBank Vision Fund in financings with a combined value of over $2 billion, Temasek in its $800 million minority investment in Verily Life Sciences, an Alphabet company, and Visa Ventures in strategic fintech investments around the world.In his public company practice, Alfredo counsels issuers on strategic transactions, such as the stock-for-stock merger of Marrone Bio Innovations, Inc. with Bioceres Crop Solutions Corp, as well as corporate governance and compliance with the U.S. federal securities laws and stock exchange listing standards, including advising on cutting-edge issues with respect to ESG disclosures and materiality assessments.In addition, Mr. Silva works extensively with nonprofit organizations, providing advice on fiduciary issues, entity formation, structuring and other corporate matters, and assists small businesses pro bono. He incorporated and continues to advise Illuminate, the nonprofit producer of The Bay Lights, a 25,000 LED sculpture on the western span of the San Francisco-Oakland Bay Bridge, in structuring, corporate governance, and project management matters. Mr. Silva currently chairs the audit committees of the boards of directors of Eat. Learn. Play. Foundation, a nonprofit founded by three-time NBA champion Stephen Curry and The New York Times bestselling author Ayesha Curry to unleash the potential of every child, and San Francisco AIDS Foundation, which for nearly 30 years has been pursuing a future where health justice is achieved for all people living with or at risk for HIV, both of which Mr. Silva has previously advised as corporate counsel.Alfredo is recognized by The Recorder as a 2013 Lawyer on the Fast Track, in 2014 was the inaugural recipient of the firm’s Kathi Pugh Award for Pro Bono Service, is a 2017 Lawyers Committee for Legal Diversity Fellow, and was the recipient of the American Bar Association’s 2023 National Public Service Award.

Alfredo B. D. Silva

Kimberly is a corporate associate in Morrison Foerster’s San Francisco office.Kimberly holds a J.D. from University of California Berkeley, School of Law, where she held leadership positions for the Berkeley Business Law Journal, Berkeley Law’s Startup Law Initiative, Death Penalty Clinic, La Alianza Law Student Association, and Pilipinx American Law Society. Kimberly has a longstanding commitment to pro bono work and Diversity, Equity, and Inclusion.Prior to joining the firm, Kimberly was a Keith Wetmore 1L Diversity Fellow and completed a secondment at a leading technology company. Prior to law school, Kimberly was an SEO Law Fellow in the San Francisco office.Kimberly received her B.A. summa cum laude from the University of California, Riverside.

Kimberly Valladares

Associate

Bernie Pistillo is a partner in the San Francisco office of the firm’s Federal Tax Group. He regularly advises on the U.S. federal income tax aspects of international and domestic mergers and acquisitions, corporate restructurings and spin-offs, and tax controversy matters in the international area, particularly transfer pricing, the development and exploitation of technology and intellectual property and the structuring of international operations for both start-up entities and existing corporate groups. His practice involves the coordination of tax laws in multiple jurisdictions to develop and implement cross-jurisdictional tax planning, overall operational synergies and worldwide tax minimization strategies. He also is regularly involved in the negotiation of strategic joint ventures and partnerships and the structuring of private equity funds and their investments. Bernie also advises on financial product development and the tax aspects of financial institution and insurance company operations.Bernie is a member of the Dean’s Advisory Board at Tulane University School of Law, the Steering Committee of the Northern California Chapter of the U.S.A. Branch of the International Fiscal Association, the Planning Committee for the USC Gould School of Law Tax Institute, and the Tax Review and the Tax Club, both in New York City. He is admitted to practice in California, New York and Arizona.He is a frequent lecturer and author on matters relating to international taxation and corporate taxation generally.Bernie is recommended by Legal 500 US for US Taxes: Contentious, US Taxes: Non-Contentious and International Tax.Recent Client Transactions include:<ul><li>Softbank Corp. in connection with its $1 billion investment in WorldVu Satellites Ltd (OneWeb) and of SoftBank and OneWeb in connection with the negotiation and execution of an agreement pursuant to which OneWeb will merge with Intelsat SA in a share-for-share transaction.</li><li>Temasek Holdings Pte Ltd in making an $800 million investment in Verily Life Sciences (formerly Google Life Sciences), Alphabet’s health-focused subsidiary.</li><li>Boyd Gaming Corporation in the sale of its 50% equity interest, valued at $900 million, in Marina District Development Holding Company, LLC, the parent company of Borgata Hotel Casino & Spa in Atlantic City, New Jersey, to MGM Resorts International.</li><li>The co-founder of Broadcom Corp. in connection with its acquisition by Avago Technologies Ltd. in a cash and stock transaction with a combined enterprise value of $77 billion.</li><li>VMWare in planning a joint venture with EMC Corporation to form a new cloud services business, as well as in connection with the planned $67 billion acquisition of EMC by Dell Inc. using tracking stock of VMWare.</li><li>McKesson Corporation in numerous acquisitions in the healthcare and related areas.</li><li>SoftBank Corp. in connection with its acquisition of a 78% interest in Sprint Nextel for an enterprise value of $44.8 billion.</li><li>MicroPort Scientific Corp. in connection with its acquisition of the worldwide OrthoRecon operating segment of Wright Medical Group Inc.</li><li>Toshiba Tec Corp. on its $874 million acquisition of the worldwide retail store solutions business of IBM Corp.</li><li>Textainer Group Holdings Ltd. in connection with a review of its worldwide operating structure to improve financial and legal efficiencies.</li><li>Novellus Inc. in its tax-free stock-for-stock acquisition by Lam Research Corp valued at $3.3 billion.</li><li>Carlyle Group in its acquisition of Walbro Engine Management from Sun Capital Partners and related LBO financing</li></ul>