November 3, 2022

On October 28, Pushpay Holdings Limited announced that it entered into an agreement under which Willkie clients Sixth Street and BGH Capital will acquire Pushpay, a donor management system for charities, in a transaction with an enterprise value of $933 million.

Under the terms of the agreement, Sixth Street and BGH Capital, which currently hold 20.34% of the shares in Pushpay, will acquire all of Pushpay’s shares at a price of NZ$1.34 per share in cash by means of a scheme of arrangement. Pushpay shareholders will have the opportunity to vote on the proposed deal at a meeting in Q1 2023. If all the conditions are satisfied, the scheme of arrangement is expected to be implemented by early Q2 2023.

Willkie is serving as U.S. corporate counsel and finance counsel to Sixth Street and BGH Capital.

Sixth Street is a leading global investment firm with over $60 billion in assets under management and committed capital.

BGH Capital was established in 2017 by Robin Bishop, Ben Gray and Simon Harle with the objective of creating the pre-eminent private equity firm in Australia and New Zealand. BGH Capital Fund II closed in February 2022 at A$3.6 billion, representing the largest private equity fund raised in Australia and New Zealand.

The Willkie team was led by partners Matthew Feldman, Matthew Guercio, Jonathan Kubek and Jason Pearl.