Payoneer to Become Publicly Traded Company Through Combination With FTAC Olympus Acquisition Corporation
Payoneer processed more than $44 billion in volume in over 7,000 trade corridors in 2020
Transaction assigns Payoneer $3.3 billion pro-forma implied enterprise value upon , representing a 7.6x multiple of 2021 expected revenue of $432 million. The cash component of the purchase price to be paid to the equity holders of Payoneer is expected to be funded by FTOC's cash in trust (minus any redemptions by FTOC's existing public stockholders).
Includes commitments for $300 million PIPE from investor group including existing investor Wellington Management, as well as Dragoneer Investment Group, Fidelity Management & Research Company LLC, Franklin Templeton, certain funds managed by Millennium Management, funds and accounts advised by T. Rowe Price Associates, Inc., and Winslow Capital Management, LLC
Following the Reorganization, the Company is expected to have up to $563 million in cash, offering significant capital flexibility for continued organic and inorganic growth.
Existing Payoneer equity holders have the potential to receive an earnout of additional shares of common stock if certain stock price targets are met as set forth in the reorganization agreement, and they will remain the largest investors by rolling over significant equity into the Company.
The transaction is expected to close during the first half of 2021.
finance.yahoo.com/ne...mpany-130000062.html
Payoneer processed more than $44 billion in volume in over 7,000 trade corridors in 2020
Transaction assigns Payoneer $3.3 billion pro-forma implied enterprise value upon , representing a 7.6x multiple of 2021 expected revenue of $432 million. The cash component of the purchase price to be paid to the equity holders of Payoneer is expected to be funded by FTOC's cash in trust (minus any redemptions by FTOC's existing public stockholders).
Includes commitments for $300 million PIPE from investor group including existing investor Wellington Management, as well as Dragoneer Investment Group, Fidelity Management & Research Company LLC, Franklin Templeton, certain funds managed by Millennium Management, funds and accounts advised by T. Rowe Price Associates, Inc., and Winslow Capital Management, LLC
Following the Reorganization, the Company is expected to have up to $563 million in cash, offering significant capital flexibility for continued organic and inorganic growth.
Existing Payoneer equity holders have the potential to receive an earnout of additional shares of common stock if certain stock price targets are met as set forth in the reorganization agreement, and they will remain the largest investors by rolling over significant equity into the Company.
The transaction is expected to close during the first half of 2021.
finance.yahoo.com/ne...mpany-130000062.html