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LiveVox to Merge with Crescent Acquisition to Go Public on NASDAQ
Friday 15 January 2021

San Francisco-based contact centre platform LiveVox has entered into a merger agreement with Los Angeles-based blank check company Crescent acquisition Corp (NASDAQ: CRSA) to become a publicly traded company, trading as LVOX on the NASDAQ, the company said.

The combined entity will receive approximately USD 250m from Crescent's trust account, as well as USD75 m in proceeds from a group of institutional investors and USD 25m from a forward purchase agreement entered into by Crescent Capital Group Holdings LP.

Upon completion of the transaction, Golden Gate Capital and various current minority owners of LiveVox expect to hold approximately 59% of the newly public company.

Of the total approximately USD 350m of cash from Crescent and the other institutional investors, up to USD 220m will be used to purchase a portion of the equity owned by existing LiveVox shareholders, an anticipated USD 100m will be added to LiveVox's balance sheet to be used to accelerate and enhance the company's commitment to providing a superb customer experience through its next-generation contact centre platform, and the remainder will be used to pay transaction expenses.

Upon the closing of the transaction, Crescent acquisition Corp's name will be changed to LiveVox Holdings, Inc.

Golden Gate Capital, who will remain a significant shareholder and partner, will continue to guide the company's next level of substantial growth in the public markets.

Credit Suisse is acting as lead placement agent, financial advisor and capital markets advisor and BofA Securities, Inc. is acting as private placement agent and capital markets advisor for Crescent acquisition Corp.

Goldman Sachs and Co. LLC, Jefferies Group LLC and Stifel Financial Corp. are serving as financial advisors to LiveVox. Kirkland and Ellis LLP is acting as legal counsel to LiveVox and Skadden, Arps, Slate, Meagher and Flom LLP is acting as legal counsel to Crescent acquisition Corp.

LiveVox is a cloud-based provider of customer service and digital engagement tools.

Crescent Acquisition Corp is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses.
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Date Published: 15/01/2021

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