Debevoise Advises P2 Capital Partners in its $3.5 Billion Acquisition, Alongside Silver Lake, of Blackhawk

16 January 2018

Debevoise & Plimpton LLP has advised P2 Capital Partners in its acquisition, alongside Silver Lake, of Blackhawk Network Holdings (“Blackhawk”) for a total consideration of approximately $3.5 billion, which includes Blackhawk’s debt.

Under the terms of the agreement, Blackhawk stockholders will receive $45.25 per share in cash upon closing of the transaction, representing a premium of 24.0% over Blackhawk’s closing share price of $36.50 on January 12, 2018 and a premium of 29.3% over the average closing share price during the 90 calendar days ended January 12, 2018.

Upon completion of the transaction, Blackhawk will operate as a private company under the leadership of the current management team.

Blackhawk is a global financial technology company and a leader in prepaid gift, reward and incentive technologies and solutions. It operates a leading physical and digital gift card and prepaid payments network with global scale, connecting more than 1,000 brands to over 244,000 retail distribution locations and online channels.

P2 Capital Partners is a New York-based investment firm that applies a private equity approach to investing in the public market. P2 Capital Partners manages a concentrated portfolio of significant ownership stakes in high quality public companies in which it is an active shareholder focused on creating long-term value in partnership with management. The firm will also lead private equity transactions within its public portfolio.

The Debevoise team advising P2 Capital Partners in the acquisition is led by New York partner Andrew L. Bab, and includes partners Jeffrey P. Cunard, Gary M. Friedman and Elizabeth Pagel Serebransky, as well as associates Douglas M. Hirn, David P. Iozzi, Aaron J. Levy and Joel Salomon.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.