News Releases

Novacap and its Portfolio Company Cadent Complete Acquisition of AdTheorent


Deal description: On June 21, 2024, Cadent, one of the largest independent solutions providers for converged TV advertising, completed its previously announced acquisition of 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 in cash.

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.

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.).

FinanceClint Culpepper (Partner, Austin), Dela Peimani (Senior Associate, Austin), Morgan Copher (Associate, Dallas).

Employee BenefitsRobin 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 Property: 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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