- Industry-leading commerce network CommerceHub entered into a definitive agreement to acquire the outstanding shares of cloud-based e-commerce solutions provider ChannelAdvisor ( NYSE: ECOM ) for $23.10 per share.
- The cash price represents a premium of ~57% over the company's Sep. 2 closing stock price.
- The transaction, subject to customary closing conditions, including receipt of regulatory approvals and approval by ChannelAdvisor's shareholders, has been approved by the boards of both the companies.
- The transaction was led by global software investor and current shareholder of CommerceHub, Insight Partners. It also saw participation from GTCR, Sycamore Partners and Goldman Sachs Asset Management.
- Sixth Street and Golub Capital are financing the transaction, expected to close in 2022.
- Baird is serving as financial advisor and Cooley is a legal counsel to ChannelAdvisor. Stifel and District Capital Partners are serving as financial advisors to CommerceHub, while Willkie Farr & Gallagher is acting as legal advisor to CommerceHub.
- ECOM shares were trading +53.88% pre-market.
- Source: Press Release
For further details see:
CommerceHub to acquire outstanding shares of ChannelAdvisor for $23.10 per share