North Atlantic Acquisition intends to merge with digital commerce security company TeleSign in a transaction that implies a pro forma enterprise value of approximately $1.3 billion.
If approved, TeleSign shares are expected to trade on the Nasdaq.
Post-transaction, TeleSign will have approximately $437 million in net cash (assuming no redemptions by NAAC’s shareholders). This includes a fully committed PIPE of $107.5 million from investors including SFPI-FPIM. Proximus Group is not selling any of its shares in the transaction and will own 66.5 percent of the combined company upon completion of the deal (again, assuming no redemptions).
Founded in 2005, TeleSign provides solutions for security, authentication, fraud detection, compliance and reputation scoring. Read more.
