The Private Equity team advised Pathwire, along with its private equity owner Thoma Bravo LP, in connection with its definitive agreement to be acquired by Sinch AB (publ). Sinch will pay the sellers a cash consideration of $925 million and 51 million new shares in Sinch. Using yesterday’s closing Sinch share price of SEK 165.9, and USD/SEK exchange rate of 8.8, this corresponds to an enterprise value of approximately $1.9 billion, or SEK 16.6 billion. Pathwire will be acquired through a merger between a subsidiary of Sinch, Pegasus Corp One, which is registered in Delaware.
Closing of the transaction is subject to customary closing conditions, including merger-control filing to the Federal Trade Commission and the Department of Justice in the US. The transaction is expected to close by the end of 2021.
Pathwire offers email API technology and intuitive email marketing solutions that empowers companies around the world to solve complex communication problems. Through its Mailgun, Mailjet, and Email on Acid brands, Pathwire delivers over 250 billion emails a year for companies like DHL, Wikipedia, Toast, Lyft, and Microsoft. It provides reliable, cloud-native infrastructure, local expertise, and smart solutions based on machine learning so companies can more easily reach their customers and build connected experiences. Pathwire has employees worldwide including in the UK, Spain, France, Germany, and the US, with a headquarters in San Antonio, Texas.
The Goodwin team consisted of David Johanson, and included Kelsey Lemaster, Garrett Gaughan, Joel Lehrer, Katerina Stavrianidis, Al Solecki, Scott Bailer, Andy Barton, Regina Couto, Jacqueline Klosek, Alex Intile, Paul Jin, Michael Casaburi, Jacob Osborn, Ce Li, Carrie Miller and Brenna Moorhead.
For additional details on the merger, please read Sinch’s press release.