Private equity investor Thoma Bravo has agreed to acquire payments company Bottomline Technologies in a deal valuing the fintech at USD 2.6 billion.
Debevoise & Plimpton provided legal advice to Deutsche Bank, which in turn acted as financial adviser to Bottomline.
The deal is forecast to close during the second quarter of next year, subject to fulfilment of customary closing stipulations, including consent from Bottomline’s shareholders and clearance from United States and United Kingdom regulators.
The all-cash transaction, which has received unanimous approval from Bottomline’s board of directors, will see Bottomline’s shareholders receive USD 57 per share, a 42% premium on its 19 October unaffected closing share price.
Following the transaction’s close, Bottomline will cease to be a publicly traded company.
Founded in 1989 and listed on the Nasdaq since February 1999, Portsmouth, New Hampshire-headquartered Bottomline provides corporate payment services at the national and international levels, including technology-assisted transaction handling, regulatory compliance and data analysis.
With USD 91 billion in assets under management, private equity firm Thoma Bravo targets technology and software corporations.
Debevoise used a team headed by mergers and acquisitions partner Andrew Bab in New York, with assistance from New York associate Tiancheng Huang.
Also this month Bain Capital Credit received advice from Clifford Chance on provision of a EUR 183 million credit line to German fintech Linus Digital Finance.
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