Pryor Cashman Advises Russell Simmons on $167M Sale of Prepaid Card Company
Music mogul and entrepreneur Russell Simmons has sold UniRush, LLC, the prepaid debit card company he co-founded, to prepaid card giant Green Dot Corporation (NYSE: GDOT) for $167M.
The acquisition, which closed on February 28, 2017, included UniRush businesses RushCard, a leading online direct-to-consumer general purpose reloadable prepaid card provider, and Rapid! PayCard, a leading corporate payroll card provider.
In a press release announcing the acquisition, Simmons said, “Fourteen years ago I embarked on an incredible journey to provide a new financial tool for millions of Americans who had only limited access to traditional banks. As I have done with my ventures in music, comedy and fashion, I am partnering with the best company in the industry, Green Dot, to expand our opportunities and continue our mission to revolutionize the banking industry.”
Simmons, a longtime Pryor Cashman client, was advised on the transaction by Corporate Partner Richard S. Frazer, Intellectual Property Partner Eli B. Nathanson and Partner Brad D. Rose, Chair of the firm’s Intellectual Property and Celebrity Branding Groups.
News of the transaction was reported by The Wall Street Journal, Yahoo Finance and Forbes, among other media outlets.
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To learn more about our experience handling joint ventures, strategic alliances, collaborative arrangements, equity and asset purchases, unsolicited leveraged buyouts, spinoffs, recapitalizations, PIPEs and restructurings, please visit our M&A practice page.
