Shearman & Sterling, together with Stikeman Elliott LLP, is advising BUSA Acquisition Co., a Nevada incorporated entity, in connection with the acquisition of BankCard USA Merchant Services Inc. from Quisitive Technology Solutions, a Canadian public company and a Microsoft Cloud and AI solutions provider.
BUSA Acquisition, owned by a consortium comprised of BankCard's senior management team and certain other industry experts, entered into a definitive share purchase agreement on March 27, 2024, with Quisitive.
Financing for the transaction is being provided by WhiteHorse Capital Management, LLC, in the form of a $44 million senior secured term loan facility to fund a portion of the acquisition price, and a $5 million senior secured revolving credit facility for ongoing working capital and other corporate needs, all pursuant to a loan and security agreement entered into on March 27, 2024 by WhiteHorse, BUSA Acquisition and its parent company, BUSA Holdings Corp.
The transaction was announced on March 27, 2024 in apress release.
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