News Releases

Baker Botts Represents Novacap and its Portfolio Company Cadent in Acquisition of AdTheorent


Deal Description: Cadent, one of the largest independent solutions providers for converged TV advertising, announced today a definitive agreement to acquire AdTheorent Holding Company, Inc. (Nasdaq: ADTH), a machine learning pioneer and industry leader focused on delivering measurable value for programmatic advertisers, for approximately $324 million.

The transaction is subject to customary closing conditions, including completion of regulatory review and AdTheorent shareholder approval, and is expected to close in approximately 90 days.

Novacap, a leading Montreal-based private equity firm which acquired Cadent in August 2023, provided strategic services and funding support to Cadent for the transaction.

Baker Botts advised Novacap and Cadent in this acquisition, including on the financing provided by a group of lenders and arranged by RBC Capital Markets.

Cadent’s press release can be found here.

Private Equity/M&A: Neil Torpey (Partner, New York), Nicole Perez (Partner, New York), Nikolai Gryzunov (Associate, New York), Tyler Kendler (Associate, Washington, D.C.).

Finance: Clint Culpepper (Partner, Austin), Dela Peimani (Senior Associate, Austin), Morgan Copher (Associate, Dallas).

Employee Benefits: Robin Melman (Partner, New York), Jared DaCosta (Associate, New York).

Antitrust: Michael P. Bodosky (Special Counsel, Washington, D.C.).

Privacy/Data Security: Matthew Baker (Partner, San Francisco), Elizabeth Rogers (Associate, New York).

Intellectual Property: Luke Pedersen (Partner, Washington, D.C.), Andrew Wilson (Special Counsel, Washington, D.C.), Tyler Beas (Senior Associate, Dallas).

Tax: Steve Marcus (Partner, Dallas), Jordan Hahn (Senior Associate, Dallas).

Real Estate: Jeff Wutzke (Special Counsel, San Francisco), Taylor Gamboa (Associate, Dallas).

International Trade & Compliance: Paul T. Luther (Partner, Washington, D.C.), Alexander P. Reinert (Washington, D.C.).

Environmental: Aileen M. Hooks (Senior Counsel, Washington, D.C.).

Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit

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