On October 28, Pushpay Holdings Limited announced that it entered into an agreement under which Sixth Street and BGH Capital will acquire Pushpay, a donor management system for charities, in a transaction with an enterprise value of $933 million.
Under the terms of the agreement, Sixth Street and BGH Capital, which currently hold 20.34% of the shares in Pushpay, will acquire all of Pushpay’s shares at a price of NZ$1.34 per share in cash by means of a scheme of arrangement. Pushpay shareholders will have the opportunity to vote on the proposed deal at a meeting in Q1 2023. If all the conditions are satisfied, the scheme of arrangement is expected to be implemented by early Q2 2023.
Milbank LLP is serving as US counsel to the lenders.
The Milbank team was led by Global Leveraged Finance partners Marcus Dougherty, Spencer Pepper and Charles Stern and special counsel Christopher Kwan.
