Davis Polk advised Highland Transcend Partners I on the deal while Cooley LLP represented Packable.
Highland Transcend Partners I announced its merger with Packable, the holding company for Pharmapacks. The combined company will have a pro forma enterprise value of $1.55 billion, with an implied pro forma equity value of $1.909 billion, assuming a $10.00 per share PIPE price and no shareholder redemptions. Upon completion of the transaction, Packable is expected to be listed on NYSE under the new ticker symbol “PKBL.” The transaction, which has been approved by the boards of directors of both Packable and Highland Transcend, is expected to close in several months, subject to shareholder approvals, and other customary closing conditions.
Highland Transcend Partners I is a special purpose acquisition company formed to partner with a disruptive company in the commerce, digital media and services, and enterprise software sector.
Founded in 2010 as Pharmapacks, Packable is a leading multi-marketplace e-commerce enablement platform providing category-leading brands with the connections, data insights, and services needed to enable accelerated online marketplace sales.
The Davis Polk corporate team included partners Michael Davis (Picture) and Lee Hochbaum, associates W. Soren Kreider IV and Edna Turay. The capital markets team included partner Derek Dostal and associates Ernesto Talamás Velázquez. Partner Matthew J. Bacal provided intellectual property and technology transactions advice. The tax team included partner William A. Curran and associate Elina Khodorkovsky. Partner Adam Kaminsky provided executive compensation advice.
The Cooley team was led by Sacha Ross, David Silverman, Nicolas Dumont and Stephanie Gentile. Additional assistance was provided by DeVon Barnett, Michael Zhang, Daniel Chao, Daniel Han, Ariel Rom, David Dalton, Scott D. Rudin, Miguel J. Vega, Nick Berk, Kelsie Leigh Harris, Mark Windfeld-Hansen, Paul Alexander, Wyatt Kernell and Sonia Nath.
Involved fees earner: Paul Alexander – Cooley LLP; DeVon Barnett – Cooley LLP; Nick Berk – Cooley LLP; Daniel Chao – Cooley LLP; David Dalton – Cooley LLP; Nicolas Dumont – Cooley LLP; Stephanie Gentile – Cooley LLP; Daniel Han – Cooley LLP; Wyatt Kernell – Cooley LLP; Kelsie Leigh Harris – Cooley LLP; Sonia Nath – Cooley LLP; Ariel Rom – Cooley LLP; Sacha Ross – Cooley LLP; Scott Rudin – Cooley LLP; David Silverman – Cooley LLP; Miguel Vega – Cooley LLP; Mark Windfeld-Hansen – Cooley LLP; Michael Zhang – Cooley LLP; Matthew Bacal – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; Michael Davis – Davis Polk & Wardwell; Derek Dostal – Davis Polk & Wardwell; Lee Hochbaum – Davis Polk & Wardwell; Adam Kaminsky – Davis Polk & Wardwell; Elina Khodorkovsky – Davis Polk & Wardwell; Soren Kreider – Davis Polk & Wardwell; Edna Turay – Davis Polk & Wardwell; Ernesto Talamás Velázquez – Davis Polk & Wardwell;