Covington Advises BBVA in Acquisition of Simple

Covington Advises BBVA in Acquisition of Simple

February 20, 2014

NEW YORK, February 20, 2014 — Covington & Burling represented Banco Bilbao Vizcaya Argentaria, an international financial group based in Spain, in its acquisition of financial technology company Simple.

The acquisition is part of BBVA's strategy to lead the technology-driven change that is transforming the financial services industry. According to Francisco González, Chairman and CEO of BBVA, Simple will reinforce BBVA’s “global digital transformation while BBVA will provide the means to help Simple maximize its outstanding growth potential.”

Founded in 2009 and based in Portland, Ore., Simple combines technology, user experience, and expertise in behavioral economics to help its customers spend smarter and save more. Simple's banking services are accessible via intuitive web, iPhone, and Android apps.

The Covington team was led by J. D. Weinberg, Jonas Marson and Kate Withers (corporate), Carolyn Taylor (executive employment), Mike Francese and Spencer Walters (employee benefits), Lee Tiedrich, Evan Cox, Marie Lavalleye, Jessica Milner, Eva Dickerman and Jef Pearlman (intellectual property), Keith Noreika and Gregory Frischmann (bank regulatory), Robert Heller (tax), and Yaron Dori, Libbie Canter and Morgan Kennedy (privacy).