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Our Private Equity Group provides trusted counsel derived from deep industry knowledge to established as well as up-and-coming private equity firms. We represent firms of every size across the spectrum of investment strategies, and we build long-standing relationships with our clients. As active participants in the private equity industry, we are able to advise our clients on the latest innovations, as well as current market practices and trends.

South Mountain SPAC Combines with Billtrust to Create $1.3 Billion Publicly Traded Company

Paul, Weiss advised South Mountain Merger Corporation, a publicly traded special purpose acquisition company (SPAC), in its combination with Billtrust, a leading provider of accounts receivable solutions that simplify and automate B2B commerce. Upon closing, the combined company will be a publicly listed entity, renamed BTRS Holdings Inc., and have an estimated enterprise value of approximately $1.3 billion. The transaction is expected to close in early 2021, subject to regulatory approvals and customary closing conditions, including a minimum cash condition of $225 million, of which $200 million has been committed via a PIPE (private investment in public equity) and an incremental $22 million in the form of a non-redemption commitment from an institutional shareholder.

The Paul, Weiss team included corporate partners Jeffrey Marell, Raphael Russo and Michael Vogel; intellectual property partner Charles Googe; and employee benefits counsel Lisa Krausz Eisenberg.

October 19, 2020

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