Ashcombe advises Tungsten on the strategic review of Tungsten Network Finance
Ashcombe is pleased to announce that it has advised Tungsten Corporation plc (“Tungsten”) on the strategic review of its Tungsten Network Finance (“TNF”) business and a new partnership agreement with Orbian Corporation, a leading global supply chain finance provider for large companies.
Under the partnership agreement, Tungsten and Orbian will work together on an exclusive basis to offer supply chain finance and other trade finance solutions to Tungsten customers and other agreed targets. The partnership agreement will run for an initial term of five years, with a revenue share payable to Tungsten in respect of trade finance advanced pursuant to the partnership. As a result of, and in connection with this new partnership, TNF will be wound down and closed.
Andrew Lemonofides, CEO of Tungsten, commented on Ashcombe’s role:
“Ashcombe managed a complex transaction and negotiation very competently, and their extensive know-how of the receivables and supply chain finance business was extremely helpful in our process of selecting a new strategic partner.”
Andreas Wesemann, Ashcombe’s partner responsible for its financial services business, said:
“Orbian and Tungsten are both very strong businesses, and we are confident that their partnership will be of material benefit to their customers.”