FTAC Olympus Acquisition set a June 23 date for shareholders to vote on the SPAC’s proposed business combination with global payment and commerce platform Payoneer.
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 a $300 million PIPE. The balance of the consideration payable to the existing Payoneer equity holders will consist of shares of common stock of the company. Read more.
