Highland Transcend Partners I merger with Pharmapacks
Davis Polk is advising Highland Transcend Partners I on 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 includes partners Michael Davis and Lee Hochbaum, associates W. Soren Kreider IV and Edna Turay. The capital markets team includes partner Derek Dostal and associates Ernesto Talamás Velázquez. Partner Matthew J. Bacal is providing intellectual property and technology transactions advice. The tax team includes partner William A. Curran and associate Elina Khodorkovsky. Partner Adam Kaminsky is providing executive compensation advice. Members of the Davis Polk team are based in the New York and Washington DC offices.