BLP advises Gett on $100m cross-border financing from Sberbank
International law firm Berwin Leighton Paisner (BLP) has advised Gett, the global on-demand mobility company, on its $100m financing from Sberbank, the largest lender in Russia.
Number one in Europe, Gett is available in more than 100 cities worldwide including New York, Moscow, Tel Aviv and London, where more than half of all black cabs are part of the Gett network.
Gett will use the Sberbank funding to rapidly expand its services. This funding complements Gett’s recent $300m strategic investment from Volkswagen, bringing total funds raised by Gett to $640m.
Commenting on the deal, Shana Hook, General Counsel of Gett, said: “The Sberbank facility will support Gett’s continuous and rapid growth and help us achieve our ambitious goals. The work which BLP has undertaken, on what was a complex cross-border negotiation, enabled us to conclude the deal successfully. They understand our business and have been a key part of the Gett team on this transaction.”
Lead BLP partner Daisy Reeves said: “We are delighted to have assisted Gett on such a pivotal cross-border deal for the development of its global business. It is also another example of the seamless international service offered by BLP via our London and Moscow offices and in collaboration with local law firms in the US, Cyprus and Israel.”
The BLP team comprised Daisy Reeves (finance), Nicholas Myatt (corporate) and Tamara Quinn (IP), each with support from associates, Laura Dennis-Coyne and Natalie Graham. Russian finance partner Oleg Khokhlov led the BLP Moscow team on the Russian aspects assisted by Igor Zhivotov. Kramer Levin Naftalis & Frankel LLP, L.G. Zambartas LLC and Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co provided US, Cypriot and Israeli advice, respectively.