Plastiq Inc., the B2B payment platform powering the small and midsize business economy, and Colonnade Acquisition Corp. II (NYSE: CLAA) a publicly traded special purpose acquisition company, have announced that they have entered into a definitive agreement and plan of merger. The combined company will continue as a publicly-listed entity and have an implied estimated enterprise value of approximately US$480 million at closing, based on current assumptions.

Latham & Watkins LLP represents Plastiq Inc. in the transaction with a corporate deal team led by New York partner Justin Hamill, Houston partner Ryan Maierson, Chicago partner Jason Morelli and Orange County partner Drew Capurro, with Chicago associates Megan Staub and Sarah Loiselle, Los Angeles associate Philip Dear and Orange County associates Jacob Walsh, Tiana Baghdikian, and Caitlin Nguyen. Advice was also provided on tax matters by Bay Area partner Katharine Moir, with Bay Area associate Derek Gumm; on intellectual property matters by Bay Area partner Michelle Gross, with Austin associate Andrew Abokhair; on data privacy matters by Bay Area partner Robert Blamires, with Boston associate Kiara Vaughn; on benefits and compensation matters by Bay Area partner Erin Murphy, with Washington, D.C. associate Ashlie Lawton; on regulatory matters by Washington, D.C. partner Barrie VanBrackle; and on antitrust matters by New York partner Katherine Rocco and Washington, D.C. counsel Joseph Simei.