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Experience
|November 17, 2022
Digital Virgo Business Combination with Goal Acquisitions Corp.
Winston & Strawn LLP is representing Digital Virgo Group— a French corporation with a leading global platform for payment and monetization of digital content and services for entertainment, sports, lifestyle, and ultimately, transportation, education, and everyday needs—in its business combination with Goal Acquisitions Corp. (Nasdaq: PUCK), a publicly traded special purpose acquisition company. Upon closing, Goal will be renamed "Digital Virgo Group, Inc.," and its common stock is expected to be publicly listed in the United States. The proposed business combination is expected to provide at least US$100M in cash to Digital Virgo, allowing the company to enhance growth and expand into North America and other priority markets. Based on a US$10 per share price, the transaction values Digital Virgo at an enterprise value of approximately US$513M. The transaction was unanimously approved by the Digital Virgo Strategic Committee and the Goal Board of Directors. It is expected to close in the first quarter of 2023, subject to the satisfaction of customary closing conditions including Goal shareholder approval, approval for listing on NASDAQ, European electronic money institution approvals, a minimum of US$20M in cash being available at closing, and the execution of definitive agreements for a US$100M committed capital on demand facility. Digital Virgo has been consistently profitable for the last seven years. The company has a proven track record of success in all economic environments, with revenue and adjusted EBITDA expected to grow from 2021–2022E 12% and 15%, respectively. Building on its more than 2B connected users and 9B yearly transactions managed worldwide, Digital Virgo today operates in 40+ countries with offices in 28 countries. Digital Virgo will pursue its significant expansion opportunity in the United States among customers who prefer the one-platform approach as well as the simplicity of Digital Virgo’s direct carrier billing (DCB), in addition to unbanked or underbanked customers who are too often left behind.
Experience
|November 10, 2021
Verano Enters Connecticut Cannabis Market with Vertical Integration Ahead of Adult-Use Transition
Winston & Strawn LLP represented Connecticut Pharmaceutical Solutions, Inc., a portfolio company of Tuatara Capital, L.P., in its sale to Verano Holdings Corp., a leading multi-state cannabis company. Connecticut Pharmaceutical Solutions owns an operating cultivation and production facility in Rocky Hill, Connecticut. The transaction to acquire 100 percent of the equity interests in Connecticut Pharmaceutical Solutions, Inc., includes an active, 216,532-sq. ft., state-of-the-art cultivation and production facility in Rocky Hill, Connecticut. Aggregate proceeds for the transaction include US$113.25M in subordinate voting shares of the Company upon the consummation of the transaction, US$18.5M in subordinate voting shares of the Company upon the first adult-use sale of cannabis in Connecticut, and additional subordinate voting shares based on achieving 2021 EBITDA performance milestones. The agreement was signed on November 10, 2021.
Experience
|October 15, 2020
Forum Merger II Corp. Business Combination with Ittella International, Inc.
Winston & Strawn LLP represented Forum Merger II Corp. in its definitive business combination agreement with Ittella International, a plant-based food company with a broad portfolio of products available both in private label and the Company’s “Tattooed Chef” brand. Itella and Forum will combine as Tattooed Chef, Inc. with an anticipated initial enterprise value of approximately US$482M, 2.2x Tattooed Chef’s estimated 2021 revenue of US$222M, or 15.6x Tattooed Chef’s estimated 2021 Adjusted EBITDA of US$30.8M.
Insights & News 24 results
Webinar
|April 23, 2024
Winston Hosts Presentation on Leveraged Finance Fundamentals
Winston & Strawn’s Finance partners were pleased to host a webinar titled “Leveraged Finance Fundamentals,” in partnership with First Citizens Bank.
Article
|January 10, 2024
|1 Min Read
Earnouts: A Mechanism to Solve the Current Valuation Gap
This article was originally published in Mergers & Acquisitions. Any opinions in this article are not those of Winston & Strawn or its clients. The opinions in this article are the authors’ opinions only.
Article
|November 6, 2023
|6 Min Read
M&A Ruling Buoys Loss Calculation Method, R&W Insurance
This article was originally published in Law360. Reprinted with permission. Any opinions in this article are not those of Winston & Strawn or its clients. The opinions in this article are the authors’ opinions only.