Shearman & Sterling Advises BUSA Acquisition Co. in the Purchase of BankCard USA

Shearman & Sterling, together with Stikeman Elliott LLP, is advising BUSA Acquisition Co., a Nevada incorporated entity, in connection with the acquisition of BankCard USA Merchant Services Inc. from Quisitive Technology Solutions, a Canadian public company and a Microsoft Cloud and AI solutions provider.

BUSA Acquisition, owned by a consortium comprised of BankCard's senior management team and certain other industry experts, entered into a definitive share purchase agreement on March 27, 2024, with Quisitive.

Financing for the transaction is being provided by WhiteHorse Capital Management, LLC, in the form of a $44 million senior secured term loan facility to fund a portion of the acquisition price, and a $5 million senior secured revolving credit facility for ongoing working capital and other corporate needs, all pursuant to a loan and security agreement entered into on March 27, 2024 by WhiteHorse, BUSA Acquisition and its parent company, BUSA Holdings Corp.

The transaction was announced on March 27, 2024 in a press release.

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