AdTheorent

Canaccord Genuity Acts as Exclusive Financial Advisor to AdTheorent Holding Company on its Sale to Cadent for Approximately $324 Million

Canaccord Genuity is pleased to announce that on April 1, 2024, its client, AdTheorent Holding Company, Inc. (Nasdaq:ADTH), a machine learning pioneer delivering measurable value for programmatic advertisers, and Cadent LLC, a leading provider of platform-based converged TV advertising solutions and a portfolio company of Novacap, one of North America’s leading private equity firms, have entered into a definitive agreement under which a wholly owned subsidiary of Cadent will acquire AdTheorent for $3.21 per share in cash representing an equity value of approximately $324 million. The transaction value represents a 17% premium to the 60-day volume weighted average stock price and a 27% premium to the 90-day volume weighted average stock price as of March 28, 2024.  

The definitive merger agreement includes a 33-day “go shop” period that will allow AdTheorent and Canaccord Genuity to actively solicit and consider alternative acquisition proposals. The transaction is expected to be completed by the third quarter of 2024, subject to approval by AdTheorent’s stockholders and other customary closing conditions. Fully committed debt financing in support of the transaction is being approved by Royal Bank of Canada. The transaction is not subject to a financing condition.

AdTheorent uses advanced machine learning technology to deliver impactful advertising campaigns for marketers. AdTheorent's advanced machine learning-powered media buying platform powers its predictive targeting, predictive audiences, audience extension solutions and in-house creative capability, Studio A\T. Focused on the predictive value of machine learning models, AdTheorent's product suite and flexible transaction models allow advertisers to identify the most qualified potential consumers coupled with the optimal creative experience to deliver superior results, measured by each advertiser's real-world business goals. AdTheorent is headquartered in New York, with fourteen locations across the United States and Canada.

Cadent connects the TV advertising ecosystem. Cadent helps advertisers and publishers identify and understand audiences, activate campaigns, and measure what matters – across any TV content or device.

Aperture, the company’s converged TV platform, simplifies cross-screen advertising through a streamlined workflow that brings together identity, data, and inventory with hundreds of integrated partners. 

Founded in 1981, Novacap is a leading North American private equity firm with over C$8B of AUM that has invested in more than 100 platform companies and completed more than 150 add-on acquisitions. Applying its sector-focused approach since 2007 in Industries, TMT, Financial Services, and Digital Infrastructure, Novacap’s deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial capital, Novacap has the resources and knowledge that help build world-class businesses. Novacap has offices in Montreal, Toronto, and New York.