Latham & Watkins advised TP Global Operations Limited, a company owned by entrepreneurs Hakan Koç and Pyrros Koussios, on the UK sanctions aspects of its acquisition of the non-Russian business and assets of Truphone Limited.
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. Its services are critical for regulatory compliance in the finance sector.
Following the designation of its indirect shareholders, Alexander Abramov and Alexander Frolov, on November 2, 2022, Truphone Limited became subject to UK sanctions, and was only able to continue to operate under a General Licence issued by the UK financial sanctions authority, OFSI.
Latham was engaged to secure a specific license from OFSI to authorize TP Global Operations Limited to proceed with its acquisition of Truphone Limited’s non-Russian business and assets, in order to enable the business to continue to operate under new ownership.
The Latham team, led by Charles Claypoole, worked closely with Davis Polk, corporate law advisors, Walker Morris LLP, providing UK insolvency law advice, Willkie Farr & Gallagher LLP, providing US telecom regulatory advice, and Howard Sharp KC, advising on Jersey sanctions, to ensure that the acquisition, which was pursuant to a pre-packaged administration under English law, obtained OFSI authorization and successfully took place.
The Latham team was led by London Litigation & Trial partner, Charles Claypoole, with support from associate Tom Lane.