Highland Transcend Partners I filed a preliminary proxy outling deal terms for its proposed merger with e-commerce marketplace platform Packable, which is backed by The Carlyle Group. The gives Packable an enterprise value of $1.55 billion.
Announced last month, if approved, Packable is expected to list on the NYSE under PKBL.
Packable expects to add approximately $434 million in cash on its balance sheet, assuming no redemptions by Highland Transcend shareholders. This includes a $180 million oversubscribed PIPE and convertible offering anchored by Fidelity Management & Research Company; Lugard Road Capital and Luxor Capital; Park West Asset Management and Morningside.
The combined company will have a pro forma ownership of approximately 71% existing shareholders, 19% SPAC and founder shares and 11% PIPE and convert investors. As part of the transaction, existing Packable shareholders will be eligible to receive up to 12 million additional earnout shares, based on Packable’s future stock performance. Read more.
