Ropes & Gray Represents General Catalyst in Joint Venture Acquisition of Intersections Inc.
Intersections Inc., a theft protection and privacy services company, and WC SACD One Parent, Inc., a new joint venture entity formed by General Catalyst, iSubscribed and WndrCo, have entered into a merger agreement for the acquisition of Intersections by WC SACD.
Under the terms of the merger agreement, a subsidiary of WC SACD will commence shortly an all-cash tender offer to acquire all of the issued and outstanding shares of Intersections for $3.68 per share. In connection with entry into the merger agreement, WC SACD, together with certain existing noteholders of Intersections (who exchanged their existing notes for the New Notes) acquired approximately $34 million of senior secured convertible notes of Intersections at a conversion price of $2.27 per share.
The Ropes & Gray team representing General Catalyst was led by special situations partner Sarah Schaffer Raux and mergers & acquisitions partner Jane Goldstein.