FinTech Acquisition (FTNC) entered into a definitive merger agreement to acquire CardConnect for aggregate consideration of approximately $180 million in cash and $170 million in FNTC common stock. The cash portion of the consideration will be funded by a combination of cash held in trust by FNTC, borrowings under a new credit facility and $30 million in equity financing.

According to a related 8-K filing, BMO Harris Bank and BMO Capital Markets committed to provide the $130 million first lien financing and Babson Capital Managementt committed to provide a $40 million second lien debt financing.

FNTC will also repay approximately $62 million in debt outstanding under CardConnect’s existing credit facility upon closing of the merger.

The merger is expected to close in June 2016, pending FNTC stockholder approval, the receipt of proceeds from the proposed financing activities and other customary closing conditions.

Piper Jaffray acted as M&A advisor to FNTC, Cantor Fitzgerald acted as capital markets advisor to FNTC and Ledgewood acted as legal counsel to FNTC. Financial Technology Partners and FTP Securities served as exclusive strategic and financial advisor to CardConnect. Kirkland & Ellis acted as legal counsel to CardConnect.