We advised the placement agent on the transaction

Davis Polk advised the placement agent in connection with a PIPE transaction and the anticipated public launch of Teamshares Inc. through its business combination with Live Oak Acquisition Corp, V (“Live Oak V”). In connection with the business combination, the parties have also entered into subscription agreements for $126 million of committed common equity PIPE financing from accounts advised by T. Rowe Price Investment Management, Inc. and other institutional investors. The business combination values the combined company at a pro forma value of $746 million. At closing, the combined company will operate as Teamshares Inc. and is expected to be listed on Nasdaq under the ticker symbol “TMS.”

Teamshares is a tech-enabled acquiror of high-quality businesses, intending to be a permanent home for successful small- and medium-sized enterprises (SMEs). Part holdco, part fintech, Teamshares programmatically acquires companies with $500,000 to $5 million of EBITDA from retiring owners, integrates them with the Teamshares platform, and helps employees earn company stock. The company’s acquisition-based business model aims to drive predictable, repeatable growth and scale through financial technology.

Live Oak V is a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Its shares are listed on Nasdaq under the ticker symbol “LOKV.”

The Davis Polk capital markets team included partner Derek Dostal and associates Marquis J. Pullen and Rebecca Lei. Members of the Davis Polk team are based in the New York and Northern California offices.

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