Allen & Overy (A&O) has won US credit card company CompuCredit as a new client, advising on its £390m acquisition of the Monument credit card portfolio from Barclaycard.

A&O's London office won the instruction at the end of last year after a referral from an investment bank.

Corporate partners Mark Wippell and Stephen Mathews led the team advising CompuCredit. They were assisted by corporate partner Alun Eynon-Evans and regulatory counsel Alan Ewins from the firm's New York arm.

CompuCredit focuses on the 'under-served' credit market, including customers who find it hard to get credit because they are higher risk or outside of the employment criteria imposed by mainstream lenders.

The acquisition of Monument, the brand used by Barclaycard to target the same market, marks the company's first transaction outside the US. Barclaycard retained a proportion of the portfolio as part of the deal. The deal also involved CompuCredit acquiring operating staff and facilities.

CompuCredit general counsel Rohit Kirpalani said: "We appreciate the assistance that A&O gave us on this transaction and we look forward to working with the team on future UK transactions."

Lovells corporate partner Hugh Nineham advised Barclaycard.