We advised the acquirer of Truphone’s assets in a pre-packaged English administration

Davis Polk advised TP Global Operations Limited, a vehicle owned by German businessman Hakan Koç and former telecoms executive Pyrros Koussios, on the acquisition of the non-Russian business and assets of Truphone Limited, pursuant to a pre-packaged administration under English law. The closing of the acquisition of Truphone’s U.S. business and assets is subject to the approval by the U.S. Federal Communications Commission. The financial terms of the transaction were not disclosed.

Truphone Limited provides business mobile connectivity, mobile recording for financial institutions, eSim and internet of things (IoT) connectivity solutions and eSim solutions for mobile operators. Entry into the acquisition was subject to clearance under the U.K. National Security and Investment Act 2021 and licenses granted by the U.K. Office of Financial Sanctions Implementation and the Jersey Financial Sanctions Implementation Unit.

The Davis Polk corporate team included partner Leo Borchardt, counsel Simon J Little and associates Alexander W. Simmonds, James Ufland and Gilbert Lim. The tax team included partner Jonathan Cooklin and counsel Dominic Foulkes. The antitrust team included counsel Matthew Yeowart and associate Sara Moshfegh. Partner Paul D. Marquardt provided sanctions advice. Members of the Davis Polk team are based in the London and Washington DC offices.