Kismet Acquisition One in an 8-K filing today said it had entered a PIPE agreement for 5 million shares priced at $10 each. The proceeds will be used to support the SPAC’s pending acquisition of gaming company Nexters.
Announced in February, the deal values Nexters at an enterprise value of $1.9 billion, representing 13.8x projected 2021 and 11.6x projected 2022 management EBITDA.
The transaction is expected to deliver up to $150 million in cash to Nexters before fees and redemptions, if any. Existing Nexters shareholders will receive a cash payment of up to $150 million pro-rata to their pre-money shareholdings, and will roll approximately 92% of their holdings into the combined company while agreeing to a 12 month lock-up. Read more.