Airspan Networks, which provides software and hardware for 5G network solutions, has entered into a definitive business combination agreement with New Beginnings Acquisition. The combination is expected to have an enterprise value of nearly $822 million. Upon closing, expected in the third quarter, the business will be renamed Airspan Networks Holdings, which is expected to list on the NYSE under MIMO.
The combined company expects to receive approximately $166 million in net proceeds, assuming no redemptions by NBA’s existing public stockholders, including proceeds from a $75 million PIPE.
Airspan’s existing stockholders will hold approximately 75% of the fully diluted shares of common stock in the combined company immediately following the closing of the business combination. Read more.
