A day after saying reports of a merger were mere “market rumors,” management of investment network eToro announced a business combination with FinTech Acquisition V at an implied equity value of $10.4 billion.
The transaction includes $250 million in gross proceeds from FinTech V’s cash in trust and $650 million in gross proceeds from a fully committed PIPE at $10 per share from strategic and institutional investors, including ION Investment Group, Softbank Vision Fund 2, Third Point, Fidelity Management & Research Company, and Wellington Management, that will close concurrently with the business combination when the new company is expected to have approximately $800 million net cash on its balance sheet
The combined company will operate as eToro Group and is expected to list on the Nasdaq. Read more.
