Selina, a hospitality and experiential brand targeting Millennial and Gen Z travelers, and BOA Acquisition today announced a merger agreement that values the pro forma company at an equity value of approximately $1.2 billion.
If approved, the transaction is expected to close in the first half of 2022 and Selina Hospitality shares are expected to list on the NYSE under SLNA.
A group of institutional investors including South Light Capital (an affiliate of DigitalBridge), MORE Investment House and Sir Ronald Cohen, alongside BOA’s sponsor and founder-led stockholders, have committed $70 million of capital, which includes a $15 million minimum equity backstop from BOA’s sponsor. Of the total, $10 million will be an advanced PIPE. There is approximately $230 million currently held in BOA’s trust account. Subject to any redemptions by BOA stockholders, existing Selina shareholders will retain approximately 71 percent ownership in the combined company.
The business combination is expected to provide Selina with $285 million (assuming no redemptions) of gross transaction proceeds. Read more.
