BioTE Holdings, a medical practice-building business within the hormone optimization space, and Haymaker Acquisition III plan to merge at an equity value of $737 million. If approved, the combined company is expected to trade on the Nasdaq under BTMD.
The combined company is projected to have approximately $195 million in cash on its balance sheet at closing, after the payment of transaction expenses and distributions to Biote members, derived from $317.5 million of cash held in Haymaker’s trust (assuming zero redemptions), the proceeds of a debt financing, and expected balance sheet cash as of closing.
As part of the transaction, Biote’s current management and existing equity holders will roll the majority of their equity into the combined company. Assuming no public stockholders of Haymaker exercise their redemption rights, ownership of the combined company immediately following the closing is expected to be comprised of current Biote equity holders with 48% and Haymaker stockholders (including its sponsor) with 52%, excluding the impact of deferred equity held by Biote members and Haymaker Sponsor III. Read more.
