Davis Polk is advising Alliance Data Systems on 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 includes partner Louis Goldberg and associates Michael Senders and Prince Kudolo. Partner Margaret E. Tahyar and associate Jung Eun Choi are providing financial institutions advice. Partner William A. Curran is providing tax advice. Counsel David Mollo-Christensen is providing executive compensation advice. Counsel Bonnie Chen is providing intellectual property advice. Partner John B. Meade is providing capital markets advice. Partner Ronan P. Harty is providing antitrust and competition advice. All members of the Davis Polk team are based in the New York office.