Deluxe Corporation completed a $124 million all-cash acquisition of Hostopia.com Inc., a leading TSX-listed web services provider. The acquisition was completed through an agreement and plan of merger that was consummated under Delaware law and approved by Hostopia stockholders at a special meeting held on July 30, 2008. RBC Dominion Securities Inc. acted as financial advisor to Hostopia's board of directors and Cherry Tree & Associates, LLC acted as financial advisor to Deluxe's board of directors.
Hostopia was represented in the United States by the Palo Alto office of Pillsbury Winthrop Shaw Pittman LLP, with a team including Jeffrey Harrell, Sandy Chang and Stephanie Hu. In Canada, Hostopia was represented by Michael Bayer and by Gowling Lafleur Henderson LLP, with a team including Leslie Gord and D'Arcy Doherty (corporate/securities), Gloria Geddes (tax), Bruce Graham (competition) and Bob Milnes (Investment Canada).
Deluxe was represented in the United States by the Minneapolis office of Faegre & Benson LLP, with a team including Philip Garon, Michael Stanchfield and Jonathan Nygren (corporate/securities), Peter Kinsella, Deborah Shinbein and Lisa Walter (intellectual technology) and Peggy Lin (employee benefits). In Canada, Deluxe was represented by the Toronto office of Goodmans LLP with a team including Stephen Halperin and Bill Gorman (corporate/securities), Maureen Berry (tax), Jana Steele (pensions) and Joe Morrison (employment).