Alliance Data's $450 Million Acquisition of Bread

Alliance Data's $450 Million Acquisition of Bread

11/2/2020

Alliance Data's $450 Million Acquisition of Bread

Davis Polk advised Alliance Data Systems on the deal, while Simpson Thacher advised Bread.

Alliance Data Systems executed its acquisition of Bread, a technology-driven digital payments company. The transaction is valued at estimated consideration of $450 million, of which approximately $100 million is Alliance Data common stock. Subject to regulatory approval and customary closing conditions, the transaction is anticipated to close in the fourth quarter of 2020.

A FORTUNE 500 and S&P MidCap 400 company headquartered in Columbus, Ohio, Alliance Data is a leading provider of data-driven marketing, loyalty and payment solutions serving large, consumer-based industries. Alliance Data helps its partners create and increase customer loyalty across multiple touch points using traditional, digital, mobile and emerging technologies. Alliance Data consists of businesses that together employ over 8,500 associates at more than 50 locations worldwide.

Bread is a technology-driven payments company that partners with retailers to personalize payment options for their customers. Bread integrates directly with retailers on their ecommerce site and gives them a single platform that lets them offer more ways to pay over time. Bread is backed by top-tier venture firms including Bessemer Venture Partners, Menlo Ventures, Kinnevik and RRE Ventures.

The Davis Polk corporate team advising Alliance Data included partner Louis Goldberg (Picture) and associates Michael Senders and Prince Kudolo. Partner Margaret E. Tahyar and associate Jung Eun Choi provided financial institutions advice. Partner William A. Curran provided tax advice. Counsel David Mollo-Christensen provided executive compensation advice. Counsel Bonnie Chen provided intellectual property advice. Partner John B. Meade provided capital markets advice. Partner Ronan P. Harty provided antitrust and competition advice. 

The Simpson Thacher team advising Bread included Ravi Purushotham, Lee Meyerson, Lauren Kim and Brian Kloeblen (M&A); David Rubinsky, Eric Wolf and Jason Fixelle (Executive Compensation and Employee Benefits); Jonathan Goldstein, Morgan Otway and Suzy Yaster (Tax); Genevieve Dorment and Kate Mirino (Intellectual Property); Peter Guryan and Kelly Karapetyan (Antitrust); and Keith Noreika, Adam Cohen and Spencer Sloan (Regulatory).

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