This record is sourced from Exhibit 99.1 to a Form 8-K filed by BTRS Holdings Inc. with the SEC on September 28, 2022, the original deal-announcement press release titled Billtrust to be Acquired by EQT Private Equity for Equity Value of $1.7 Billion (filer CIK 0001774155, SIC 7371, computer programming/data processing services). A follow-on Form 8-K and press release filed by BTRS Holdings on December 16, 2022 confirmed the transaction closed that month after receiving shareholder approval on December 13, 2022, at which point Billtrust's common stock ceased trading on Nasdaq.
On financial advisors, the press release states that J.P. Morgan Securities LLC served as exclusive financial advisor to Billtrust, the target, making J.P. Morgan the sole and therefore lead financial advisor on that side. Evercore served as financial advisor to EQT, the acquirer, with no additional financial advisors named on the buy side and no lead designation specified for Evercore, since it was the only financial advisor named for EQT in the release.
On legal advisors, Davis Polk & Wardwell LLP acted as legal counsel to Billtrust, while Weil, Gotshal & Manges LLP acted as legal counsel to EQT.
The transaction was structured as an all-cash merger at $9.50 per share, approved by the Billtrust board of directors, and was expected to close in the first quarter of 2023 subject to Billtrust shareholder approval and regulatory clearance; it in fact closed in December 2022, ahead of that initial guidance, per the company's own follow-up filing.
Not disclosed in the reviewed materials: any enterprise value figure distinct from the stated $1.7 billion equity value, since no separate debt or net-cash adjustment was broken out in the announcement; the specific financing sources EQT used to fund the all-cash purchase; and whether Evercore held any formal lead title, since it was the only advisor named for EQT and the release did not use that designation for either side's advisors.