Goldman Sachs Merchant Banking’s $1.2 Billion Acquisition of People Corporation

William Blair and CIBC Capital Markets are acting as financial advisors to the Company. Stikeman Elliott LLP is acting as legal advisor to the Company, and Davies Ward Phillips & Vineberg LLP is acting as independent legal advisor to the Special Committee. Goldman Sachs Canada and BMO Capital Markets are acting as joint financial advisors, and Osler, Hoskin & Harcourt LLP and Sullivan & Cromwell LLP are acting as legal advisors, to Goldman Sachs Merchant Banking. McCarthy Tétrault acted for William Blair & Co., LLC.

People Corporation (TSX Venture: PEO) announced that it has entered into an arrangement agreement pursuant to which investment funds managed by the Goldman Sachs Merchant Banking Division will acquire all of the issued and outstanding common shares of the Company for $15.22 per share in cash, representing a total equity value of approximately $1.13 billion. 

The Transaction is the result of a review of strategic alternatives for the Company, considering the interests of all stakeholders, including shareholders, clients, partners and employees, undertaken by a special committee of independent directors of People Corporation. 

People Corporation expects to hold the Special Meeting of shareholders to consider the Transaction in February 2021 and to mail the management information circular for the Special Meeting in January 2021.

People Corporation is a leading provider of group benefits, group retirement and human resource services with approximately 1,100 talented professionals serving organizations across Canada.

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity.

The Davies team was led by Vincent Mercier  (Picture) and Marc Pontone (Corporate/M&A).

The McCarthy Tétrault team was led by Robert Richardson and Rami Chalabi. 

Involved fees earner: Vincent Mercier – Davies Ward Philips & Vineberg; Marc Pontone – Davies Ward Philips & Vineberg; Rami Chalabi – McCarthy Tétrault; Robert Richardson – McCarthy Tétrault;

Law Firms: Davies Ward Philips & Vineberg; McCarthy Tétrault;

Clients: Anderson Scott; People Corporation – Special Committee of the Board of Directors ; William Blair & Company, L.L.C.;

Sonia Carcano

Author: Sonia Carcano