The market for Canadian M&A work continued to stay hot this week, as Toronto-based financial services firm Davis + Henderson Corp. announced Wednesday that it would
buy U.S. rival Harland Financial Solutions
from Harland Clarke Holdings for $1.2 billion in cash.
Lead in-house lawyers working on the matter include MacAndrews & Forbes senior vice president
and Harland Clarke general counsel
, a former partner at Thompson & Knight. Harland Clarke’s deputy general counsel is
serves as vice president of product management and legal compliance at Harland Financial. Former Paul Weiss lawyer
is executive vice president of law for MacAndrews & Forbes.
Back in the less contentious world of Canadian M&A,
, a leading firm up north, is advising Davis + Henderson on its proposed purchase of Lake Mary, Florida–based Harland Financial. Davis + Henderson specializes in
providing compliance and lending technology to North American banks
, and by picking up the target, the acquiror hopes to better position itself as a leading financial technology firm.
Martin Langlois, cohead of M&A at Stikeman, is leading a team of lawyers working on the deal for Davis + Henderson that includes debt finance partner Timothy McCormick, banking partners Marie Garneau and Justin Parappally, and associates Aniss Amdiss, Christen Daniels, Andrew Grant, Nasim Jamasbi, Jonathan Moncrieff, Kevin Smyth, and Christopher Yung.
Davis + Henderson plans to finance its acquisition of Harland Financial through the sale of roughly $581.5 million in subscription receipts and unsecured subordinated debentures on commitments from Bank of America, The Bank of Nova Scotia, and The Royal Bank of Canada. The transaction is expected to close in the third quarter of this year, pending regulatory approvals,
according to a press release by Harland Financial