MARKETSTAR SIGNED AN ASSET PURCHASE AGREEMENT TO SELL ITS ASSETS, RIGHTS AND PROPERTIES FOR USD 62 MILLION TO WASATCH PROPERTY MANAGEMENT INC.

Mexico, June 20th, 2019.- Basham, Ringe y Correa, through the leadership of its Partners Daniel Del Río and Amilcar García, and its Associates Francisco Matus, Luis Álvarez and Natalia Espinoza, has advised DAS Group of Companies, a division of Omnicom Group Inc. (OMC), MarketStar Corporation and its Mexican subsidiary known as All Channel Sale Solutions, S. de R.L. de C.V. to sign an asset purchase agreement in order to sell its assets, rights and properties to Wasatch Property Management Inc. for the amount of USD 62,000,000.00.

Our advice consisted in (i) review the asset purchase agreement; (ii) draft, review and negotiate the local equity purchase agreement; (iii) draft, review and negotiate the local closing documents related to the closing in Mexico.

In addition, this matter was important since the structure of the transaction was: (i) the stock purchase in Mexico and (ii) the asset sale in Canada and Mexico. Moreover, the transfer of liability, third party contractual consent requirements, tax consequences and indemnifications all were regulated in the global asset structure pursuant to US law.

MarketStar was founded in 1988 and is based in Ogden, Utah. It also has operations in North America, Latin America, Asia Pacific, Europe, and the Middle East. MarketStar provides sales and marketing services such as consumer acquisition, retail associate advocacy, customer loyalty and support, and alternative retail channels partner recruitment, channel management, and partner support; and demand generation, lead management, customer acquisition, and account management.

Wasatch has a track record of uniting capital and resources with growth-minded leadership teams for the long-term.

Dell Loy Hansen, Founder and CEO of Wasatch Group said "Our like-minded focus on creating great experiences for employees and customers, combined with performance and results, makes this a wonderful opportunity to join together to further grow this business."

"I am thrilled we are partnering with Dell Loy and Wasatch to open this new chapter in MarketStar's 30-year history," said Keith Titus, MarketStar CEO. "We are well-positioned to further accelerate growth for our business and increase investments to better serve our clients and position ourselves for the future."

Cross border matter: Canada, Mexico and United States.

Other firms advising on the matter:

  • Davis & Gilbert LLP counsel to MarketStar Corporation.
  • Burchells LLP, Canadian counsel to MarketStar Corporation.
  • Ballard Spahr LLP counsel to Wasatch Group.