The legal dispute between JPMorgan and Viva Wallet’s founder regarding the valuation of the Greek payments firm seems to have reached a resolution following a UK court’s ruling.
In 2022, JPMorgan acquired a 48.5% stake in Viva Wallet for approximately $800 million. The company’s founder, Haris Karonis, holds a controlling interest of 51.49% through his venture, Werealize.com.
Earlier this year, Karonis initiated legal actions against JPMorgan, alleging that the bank was employing strategies to hinder the growth of his company. He claimed that JPMorgan aimed to lower the valuation of Viva Wallet by obstructing its expansion into the U.S. and other European markets.
As per the investment agreement between JPMorgan and Viva, Werealize.com forfeits the right to reject a takeover bid from the bank if Viva is valued at less than €5 billion by June 2025.
The judge in London dismissed claims that JPMorgan had any motive to undermine Viva’s valuation but provided important guidelines on how the business should be appraised.
Karonis expressed his satisfaction with the ruling, stating that it allows for a proper valuation of Viva, taking into account its potential for lucrative growth in the U.S. market.
In response, a JPMorgan spokesperson noted that, given their investment stake in the company, they have consistently proposed methods for supporting Viva’s expansion and success. They emphasized that the court’s decision enables a more equitable and transparent valuation process, which may facilitate a potential sale of Viva before further shifts occur in the Fintech M&A market.