King & Wood Mallesons (KWM) is pleased to have acted for Indue Ltd (Indue) in relation to its sale to Cuscal Limited (Cuscal).
Cuscal acquired 100% of the issued share capital in Indue on 1 December 2025 for A$75 million (subject to adjustments). The acquisition marks a significant milestone in Australia’s payments industry which unites two leading payment facilitation service providers.
The transaction looks to bring enhanced scale, profitability and investment capabilities that will enable Indue and Cuscal to deliver additional value across digital banking, fraud monitoring, switching and regulated data services.
The KWM team advising on the transaction was led by Partner Rhys Casey and supported by Senior Associate Caroline Paskevich and Solicitor Kelly Brosnan. Partner Mandy Tsang and Senior Associate Rouzbeh Ansari provided specialist insurance support, with Partners Wayne Leach and Jennifer Barron leading the ACCC stream.
Commenting on the deal, Rhys Casey said:
“Indue has been a longstanding client of KWM and it has been a privilege working with them. This transaction brings together two successful payment facilitation service providers with a strong background in the mutual banking sector.”
