Latham & Watkins Advises Permira on US$2.4 Billion Sale of BioCatch to Visa

Permira, the global investment firm, announced the full realization of the Permira Funds’ investment in BioCatch, a leading provider of behavioral‑first, multi‑signal fraud intelligence, through a sale to Visa (NYSE: V). The all‑cash transaction values BioCatch at approximately US$2.4 billion and marks the Permira Funds’ fifth strategic exit of 2026 to date. The transaction is expected to close by the end of Visa’s fiscal second quarter of 2027, subject to customary closing conditions, including receipt of applicable regulatory approvals.

Latham & Watkins LLP represents Permira in the transaction with a corporate deal team led by Washington, D.C. partners Brian Mangino and Elizabeth More and Tel Aviv/New York partner Gilad Zohari, with associates Maddie Merkle, Jack French, and Dallin Adams. Advice was also provided on compensation and benefits matters by Washington, D.C. partner David Della Rocca and Bay Area partner James Robinson, with associate Christina Schrantz;* on employment matters by New York partner Sandra Benjamin, with associates Alexis Grinstead and Lauren Stark; on US antitrust matters by Washington, D.C. partner Mandy Reeves and New York/Washington, D.C. counsel Jamie Sadler, with associate Joshua Goldstein and senior merger control attorney Matthew Piehl; on ex‑US antitrust and FDI matters by Brussels partners Tomas Nilsson and Philipp Studt, with associates Oscar Hayward, Matej Ovecka, and Mari Koskela; on data privacy and cybersecurity matters by Houston/Austin partner Robert Brown and London partner Calum Docherty, with associates Stuart Cobb and Annabel Loose; on intellectual property matters by Washington, D.C. partner Morgan Brubaker, with associate Dena Behnam; on regulatory matters by Washington, D.C./London partner Nathan Seltzer and Washington, D.C. counsel Ruchi Gill, with associates Heather Artinian and Christine Kalpin.

*Admitted to practice in Texas only.