Global payment and commerce-enabling platform Payoneer and FTAC Olympus Acquisition today announced they have entered into a definitive agreement and plan of reorganization. Upon closing, the newly created holding company will be renamed Payoneer Global.
Following the reorganization, Payoneer is expected to have up to $563 million in cash.
The deal reflects an implied enterprise value at closing of approximately $3.3 billion, 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), as well as by a $300 million private placement. The balance of the consideration payable to the existing Payoneer equity holders will consist of shares of common stock of the company. Read more.
