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FT Partners Advises CardConnect on its $438,000,000 SPAC Business Combination with FinTech Acquisition Corp.

Transaction Overview And Rationale

  • FT Partners served as strategic and financial advisor to CardConnect in its $438 million acquisition by FinTech Acquisition Corp (NASDAQ: FNTC)
  • CardConnect will become the sole direct subsidiary of FinTech Acquisition Corp ("FinTech") and immediately following the merger will trade on the NASDAQ stock exchange as "CCN"
  • Total consideration is $438mm, which includes the satisfaction of $62mm of CardConnect borrowings currently outstanding
  • The merger is expected to close in June 2016, pending FNTC stockholder approval, the receipt of proceeds from the proposed financing activities and other customary closing conditions
  • The deal represents the largest technology special purpose acquisition company (SPAC) transaction of the year
  • This transaction underscores FT Partners' continued leadership position as "advisor of choice" to the highest-quality companies in the FinTech space

Note: The $438 million total consideration is based on the time of closing and includes the satisfaction of $62 million of CardConnect borrowings outstanding; the transaction was originally announced at a value of $350 million