mdf commerce Announces Completion of Acquisition by KKR

MONTREAL, May 17, 2024 (GLOBE NEWSWIRE) -- mdf commerce inc. (“mdf” or the “Company”) (TSX: MDF), a SaaS leader in digital commerce technologies, is pleased to announce the closing of the previously announced plan of arrangement under the Canada Business Corporations Act (the “Arrangement”) involving the Company and an entity affiliated with funds managed by KKR, a leading global investment firm.

“Today’s announcement is a significant milestone in the long-lasting story of mdf commerce. On behalf of the entire team here at mdf, I want to express our gratitude to all of our shareholders for their support and commitment to the Company throughout this transaction and over the years. As we embark on a new chapter, we are focused on continuing our growth and adding value for our customers, partners, employees and our new shareholder across North America,” said Luc Filiatreault, President and Chief Executive Officer of mdf commerce.

“We are very pleased with the successful outcome of this transaction,” said Pierre Chadi, Chair of the Board of Directors. “I am confident that mdf commerce is in good hands with KKR, a resourceful owner who will support the Company’s long-term growth plan and take this SaaS leader in digital commerce technologies to the next level.”

“mdf commerce has a bright future ahead, and we are thrilled to be part of it,” said John Park, Partner at KKR. “We look forward to supporting the Company in becoming a leading commerce platform and working closely with management to fulfill this vision.”

The Arrangement was approved by the Company's shareholders at a special meeting of shareholders held on May 10, 2024 (the “Meeting”), and final court approval was obtained on May 15, 2024. Registered shareholders of the Company should send their completed and executed letters of transmittal and share certificates or DRS Advices evidencing ownership of common shares of the Company (the “Shares”) to the depositary, Computershare Investor Services Inc., as soon as possible in order to receive the consideration of C$5.80 in cash per Share (the “Consideration”) to which they are entitled. Additional information regarding the Arrangement and the procedure for exchange of Shares for the Consideration is provided in the Company’s management information circular in respect of the Meeting dated April 10, 2024, a copy of which is available on SEDAR+ under the Company’s profile at www.sedarplus.ca.