On September 30, 2015, BSM Technologies Inc. and Webtech Wireless Inc. completed the previously announced transaction by way of a court approved plan of arrangement under the Business Corporations Act (British Columbia). Pursuant to the plan of arrangement, Webtech has become a wholly-owned subsidiary of BSM and all of the issued and outstanding common shares of Webtech were transferred to BSM in consideration for the issuance by BSM of 2.136 common shares of BSM and a cash payment of $0.52 for each Webtech share. The transaction was structured as a merger of equals with a combined transaction equity value of approximately $85 million. Upon completion of the transaction, existing BSM and Webtech shareholders held approximately 51 per cent and 49 per cent of the combined company, respectively.
BSM’s legal team was led in-house by Matt Donnelly, Director – Legal Counsel. Cassels Brock & Blackwell LLP acted as external counsel to BSM with a team comprising PAUL STEIN, Jennifer Hansen and Jamie Litchen (securities and M&A), Matthew Peters and Shaira Nanji (tax), Kristin Taylor and Geoff Breen (employment), Robert Cohen (litigation), Steven Kennedy (intellectual property), and Chris Hersh and Imran Ahmad (competition).
Neal, Gerber & Eisenberg LLP acted as US counsel to BSM with a team including John Koenigsknecht, Beth Rosner, Jeffrey Shamberg and Chad Moeller.
Blake, Cassels & Graydon LLP in Vancouver acted as counsel to Webtech. The team included Andrew McLeod, Ashley Baker, Karim Amlani, Iva Erceg and Eleanor Chung (securities and M&A), Janette Pantry (tax), Sean Boyle and Alexandra Luchenko (litigation).
Shearman & Sterling LLP acted as counsel to Webtech in the US with a team that included Jason Lehner, Sean Skiffington, Larry Crouch and Nell Beekman.