A JPMorgan-led banking group is working on $1.35bn in debt financing to support the merger of Advent International-backed Xplor Technologies with Clubessential Holdings, according to a report by Bloomberg citing unnamed sources familiar with the matter.
The incremental term loan would refinance existing Clubessential debt and potentially support the combined company alongside around $850m in new equity and over $4bn in rolled equity from both businesses’ shareholders.
Advent, which owns Xplor, will remain majority owner, while Clubessential’s backers Battery Ventures and Silver Lake will become minority investors. The deal, expected to close by the end of the year, will see Clubessential CEO Randy Eckels lead the combined business, with Xplor CEO Pamela Joseph taking a non-executive board role.
Bloomberg’s sources say that discussions around financing terms are ongoing and a final transaction is not guaranteed.
