Circle’s Business Combination with Concord Acquisition Corp

Goodwin Procter and Matheson advised Circle on the deal. Arthur Cox and Greenberg Traurig advised Concord Acquisition Corp.

Circle announced its definitive business combination agreement with Concord Acquisition Corp (NYSE: CND). Under the terms of the agreement, a new Irish holding company will acquire both Concord and Circle and become a publicly traded company, expected to trade on the NYSE under the symbol “CRCL”. The transaction values Circle at an enterprise value of $4.5 billion.

The business combination is supported by $415 million of capital commitments at $10 per share, with participation from top-tier institutional investors. Including the contribution of up to $276 million of cash held in Concord Acquisition Corp’s trust account (assuming no redemptions), the transaction is expected to deliver up to $691 million of gross proceeds to the combined company.

Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide.

Concord Acquisition Corp is a publicly traded special purpose acquisition company sponsored by Atlas Merchant Capital.

The Goodwin team was led by Bill Schnoor (Picture), John Mutkoski, and Gregg Katz, and included Dan Karelitz, Lynda Galligan, Karen Ubell, Grace Wirth, Rebecca Stacker, Nathan Risinger, Mari Tomunen, Ariel Gaknoki, Matthew Dunay, and Khalid Elwanni.

The Matheson team was led by Fergus Bolster with fellow Partners, David Jones, Susanne McMenamin, John Ryan, Aidan Fahy, Vahan Tchrakian, Kate McKenna and Pat English, together with team members Thomas Burke, Anna O’Carroll, Audrey Kean, Grainne Boyle, Cillian Dervan, Melissa McCloy, Naomi Douglas, Matthew Moreland, Jade Du Berry, Grace Neary and Chloe Power.

The Arthur Cox team was led by Christopher McLaughlin and Michael Coyle (Corporate and M&A) and included Niamh Gunning (Corporate and M&A), David Kilty, Fintan Clancy and Dearbhla Ní Fhloinn (Tax), Moyna Grubb (Banking and Finance), Kim O’Dowd (Financial Regulation) and Ailbhe Moloney (Employment).
Involved fees earner: Fintan Clancy – Arthur Cox; Michael Coyle – Arthur Cox; Moyna Grubb – Arthur Cox; Niamh Gunning – Arthur Cox; David Kilty – Arthur Cox; Christopher McLaughlin – Arthur Cox; Ailbhe Moloney – Arthur Cox; Dearbhla Ní Fhloinn – Arthur Cox; Kim O’Dowd – Arthur Cox; Matthew Dunay – Goodwin Procter; Khalid Elwanni – Goodwin Procter; Ariel Gaknoki – Goodwin Procter; Lynda Galligan – Goodwin Procter; Daniel Karelitz – Goodwin Procter; Gregg Katz – Goodwin Procter; John Mutkoski – Goodwin Procter; William Schnoor Jr. – Goodwin Procter; Mari Tomunen – Goodwin Procter; Karen Ubell – Goodwin Procter; Grace Wirth – Goodwin Procter; Fergus Bolster – Matheson; Grainne Boyle – Matheson; Thomas Burke – Matheson; Cillian Dervan – Matheson; Pat English – Matheson; Aidan Fahy – Matheson; David Jones – Matheson; Audrey Kean – Matheson; Melissa McCloy – Matheson; Kate McKenna – Matheson; Susanne McMenamin – Matheson; Anna O’Carroll – Matheson; John Ryan – Matheson; Vahan Tchrakian – Matheson;

Law Firms: Arthur Cox; Goodwin Procter; Matheson;

Clients: Circle; Concord Acquisition Corp.;

Author: Federica Tiefenthaler