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Silver Lake and P2 Capital Partners Complete Acquisition of Financial Technology Firm Blackhawk
Tuesday 19 June 2018

19 June 2018 - US-based technology investing firm Silver Lake and US-based investment firm P2 Capital Partners have closed the acquisition of US-based financial technology company Blackhawk Network Holdings, Inc, the firms said.

The USD 3.5bn deal was announced on 16 January.

Under the terms of the transaction, Blackhawk stockholders are entitled to receive USD 45.25 per share in cash.

As a result of the completion of the acquisition, Blackhawk's common stock has ceased trading as of on the NASDAQ Stock Market.

Blackhawk Network Holdings is a financial technology company and a specialist in connecting brands and people through branded value solutions.

The company's platforms and solutions enable the management of stored value products, promotions and incentive programs in retail, ecommerce, financial services and mobile wallets.

Blackhawk's Hawk Commerce division offers technology solutions to businesses and direct to consumers.

The Hawk Incentives division offers enterprise, SMB and reseller partners an array of platforms and branded value products to incent and reward consumers, employees and sales channels.

Headquartered in Pleasanton, California, Blackhawk operates in the United States and 25 other countries.

Sandler O'Neill and Partners, L.P., is acting as financial advisor to Blackhawk, and Wachtell, Lipton, Rosen and Katz is serving as Blackhawk's legal advisor in the transaction.

Barclays, BofA Merrill Lynch, affiliates of Goldman, Sachs and Co. and J.P. Morgan (in alphabetical order) are acting as financial advisors to Silver Lake and are providing debt financing to Blackhawk in connection with the transaction.

Citi is providing debt financing to Blackhawk in connection with the transaction. Simpson Thacher and Bartlett LLP is serving as Silver Lake's legal advisor, and Debevoise and Plimpton LLP is serving as legal advisor to P2 Capital Partners.
Date Published: 19/06/2018
Target: Blackhawk Network Holdings
Country: USA
Deal Size: 3.5bn (USD)
Sector: Banking/Financial Services
Type: JV
Financing: Cash
Status: Closed
Buyer: Silver Lake, P2 Capital Partners
Buyer Advisor: Barclays , BofA Merrill Lynch , Goldman, Sachs and Co , J.P. Morgan , Simpson Thacher and Bartlett , Debevoise and Plimpton