AdTheorent To Go Public in a Business Combination with MCAP Acquisition Corp.
July 27, 2021
Chicago and New York – Paul Hastings LLP, a leading global law firm, announced today that it advised AdTheorent, a programmatic digital advertising leader using advanced machine learning technology, in its business combination with MCAP Acquisition Corp., a publicly traded special purpose acquisition company. The combined company will continue as a publicly listed entity and have an implied enterprise value of approximately $775 million, and pro forma market capitalization of approximately $1 billion.
Institutional and strategic investors including Hana Financial Group, Palantir Technologies, and Monroe Capital have participated in the oversubscribed, upsized $121.5 million PIPE, which was raised at $10.00 per share.
The transaction is expected to close in the fourth quarter of 2021, subject to approval of MCAP shareholders and customary closing conditions.
The Paul Hastings team that advised AdTheorent was led by partners Amit Mehta and Steve Camhort with of counsel Payam Roshandel, and associates Erica Lee and Megan Craig on M&A. The Securities and Capital Markets team included of counsel James Shea, and associates Amir Heyat and Elena Burns. Additional advice was provided by Dan Stellenberg and Jeffrey Ii (Compensation and Benefits); Jim Smulkowski and Dahlia Ali (Tax); and Ron Ben-Yehuda (IP).
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