GT Gettaxi’s Business Combination with Rosecliff Acquisition

Davis Polk advised GT Gettaxi on the deal, while Latham & Watkins represented Rosecliff Acquisition Corp. Shearman & Sterling advised MCI Capital SA.

GT Gettaxi (“Gett”) executed its $1 billion business combination with Rosecliff Acquisition Corp. Upon completion of the business combination, Gett will become a publicly traded entity under the name “Gett Inc.” and trade under the ticker symbol “GETT.” The transaction will provide up to $253 million in gross proceeds from Rosecliff’s trust account, with an additional $30 million in gross proceeds from a fully committed common equity PIPE from Rosecliff’s sponsors and existing Gett shareholders. The transaction, which has been unanimously approved by the boards of directors of both Gett and Rosecliff, is expected to close in the first half of 2022, subject to approval by Rosecliff’s and Gett’s respective stockholders and the satisfaction or waiver of other customary closing conditions, including applicable regulatory approvals.

Gett is a technology platform focused on solving corporate Ground Transportation Management (GTM) challenges, where spending is estimated to exceed $100 billion globally. Rosecliff Acquisition Corp I is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.

The Davis Polk corporate team included partners Lee Hochbaum (Picture), Michael Kaplan and Yasin Keshvargar and associates Doug Howell, Kristy Choi and Dennis Chu. The executive compensation team included partner Adam Kaminsky. The intellectual property and technology team included partner Pritesh P. Shah. The tax team included partner David H. Schnabel and associate Joshua J. Micelotta. 

Latham & Watkins represented Rosecliff Acquisition Corp in the transaction with a corporate team led by Houston partners John Greer and Ryan Maierson and Boston partner Hans Brigham with associates Bryan Ryan, Kristin Rulison, Kate Wang, Katherine Cody, Jacob Weiner, Austin Sheehy, and Corynn Wilson. Advice was also provided on tax matters by Washington, D.C. partner Nick DeNovio with associates Robert Christoffel and Eni Kassim; on antitrust and HSR matters by Washington, D.C. partner Jason Cruise and Frankfurt partner Max Hauser and Washington, D.C. counsel Joseph Simei; on intellectual property and data privacy matters by Boston partner Sarah Gagan with associates Deborah Hinck, Jane Bentham, Grace Erskine, and Ksenia Koroleva; and Washington, D.C. partner Adam Kestenbaum and Washington, D.C. counsel Laura Szarmach. 

Shearman & Sterling advised MCI Capital SA, one of the most rapidly growing private equity groups in Europe, as a shareholder and PIPE investor, with 
Pawel J. Szaja, Alain Dermarkar, Timothy J. Doyle and Domenic Frappolli.

Involved fees earner: Kristy Choi – Davis Polk & Wardwell; Dennis Chu – Davis Polk & Wardwell; Lee Hochbaum – Davis Polk & Wardwell; Doug Howell – Davis Polk & Wardwell; Adam Kaminsky – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Yasin Keshvargar – Davis Polk & Wardwell; Joshua Micelotta – Davis Polk & Wardwell; David Schnabel – Davis Polk & Wardwell; Pritesh P. Shah – Davis Polk & Wardwell; Jane Bentham – Latham & Watkins; Johan Brigham – Latham & Watkins; Robert Christoffel – Latham & Watkins; Katherine Cody – Latham & Watkins; Jason Cruise – Latham & Watkins; Nicholas DeNovio – Latham & Watkins; Grace Erskine – Latham & Watkins; Sarah Gagan – Latham & Watkins; John Greer – Latham & Watkins; Sebastian Max Hauser – Latham & Watkins; Deborah Hinck – Latham & Watkins; Adam Kestenbaum – Latham & Watkins; Ksenia Koroleva – Latham & Watkins; Ryan Maierson – Latham & Watkins; Kristin Rulison – Latham & Watkins; Bryan Ryan – Latham & Watkins; Austin Sheehy – Latham & Watkins; Joseph Simei – Latham & Watkins; Laura Szarmach – Latham & Watkins; Kate Wang – Latham & Watkins; Jacob Weiner – Latham & Watkins; Corynn Wilson – Latham & Watkins; Alain Dermarkar – Shearman & Sterling; Timothy Doyle – Shearman & Sterling; Domenic Frappolli – Shearman & Sterling; Pawel Szaja – Shearman & Sterling;

Law Firms: Davis Polk & Wardwell; Latham & Watkins; Shearman & Sterling;

Clients: Gett, Inc.; MCI Capital; Rosecliff Acquisition Corp I;