Ackroo Completes Go Private Transaction with Paystone by way of Arrangement
Counsel to Paystone and Atom with respect to this acquisition of Ackroo Inc.
Lead by
Kevin Refah
On March 31, 2025, Paystone Inc. (“Paystone”), a leading North American payment and software company, acquired all of the issued and outstanding shares (the “Ackroo Shares”) and assumed all assets and liabilities of Ackroo Inc. (“Ackroo”), a TSX Venture Exchange-listed issuer, through Paystone’s wholly-owned subsidiary, Atom Growth Inc. (“Atom”). Ackroo is a consolidator of gift card, loyalty marketing, payment and point-of-sale solutions. The acquisition was carried out by way of a statutory plan of arrangement pursuant to section 192 of the Canada Business Corporations Act. Each Ackroo Share was acquired at a price of $0.15 per Ackroo Share and the enterprise value of the transaction totaled approximately $21,000,000, including outstanding in-the-money options and certain debts owed by Ackroo.
As a result of the transaction, the Ackroo Shares were delisted from the TSX Venture Exchange at market close on April 2, 2025, and Ackroo applied to cease to be a reporting issuer in each of the applicable jurisdictions in Canada.
Miller Thomson advised Paystone and Atom on the transaction with a team led by Kevin Refah (Corporate/M&A), and comprised of Mack Hosseinian, Robert Stewart, Chris Fallis, Connor Broude and Wendy Wang (Corporate/M&A and Capital Markets); David Reynolds, Stefan Mirkovic, Kristen Louie and Allison Choi (Financial Services); Karen Durell (IP); and Andrew Etcovitch (Tax).