E2open to Become Publicly Traded Company in $2.57 Billion Deal with SPAC CC Neuberger Principal Holdings I

October 16, 2020

Willkie represented E2open in the transaction.

On October 14, E2open, a network-based provider of 100% cloud-based, end-to-end supply chain management software, announced it has entered into a business combination agreement with CC Neuberger Principal Holdings I (NYSE: PCPL), a publicly traded special purpose acquisition company (SPAC). The transaction values E2open at an enterprise value of $2.57 billion.

Upon closing of the transaction, E2open will become a publicly traded company, and it is expected that its common stock will be listed on the New York Stock Exchange under the symbol "ETWO". Michael Farlekas, who has served as CEO of E2open since 2015, will continue to lead the business post-transaction. The transaction includes a total equity investment raise of $1.1 billion, and includes $520 million fully committed common stock PIPE at $10 per share.

E2open provides a cloud-based software platform to orchestrate complex global supply chains. Its software combines networks, data and applications to provide a deeply embedded, platform for customers to optimize their supply chain from channel shaping and business planning to logistics and global trade to manufacturing and supply management.

E2open’s supply chain platform enables companies to use data from clients, distribution channels, suppliers, contract manufacturers and logistics partners in real time, with artificial intelligence and machine learning to drive smarter decisions.

CC Neuberger Principal Holdings I is a special purpose acquisition company that completed its initial public offering in April 2020, raising $414 million in proceeds. Formed and led by Chinh Chu, Douglas Newton, Charles Kantor and other senior professionals of CC Capital and Neuberger Berman, CC Neuberger Principal Holdings I is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Willkie previously represented Insight Partners in its acquisition of E2open and represented E2open in its recent acquisitions of Amber Road, INTTRA and Orchestro.

The Willkie team was led by partners Morgan Elwyn, Robert Rizzo and Claire James and associate Frances Dales.