North Atlantic Acquisition announced the confidential submission of a draft registration statement relating to its proposed business combination with TeleSign. The deal implies a pro forma enterprise value of approximately $1.3 billion.
The transaction is expected to close in the second quarter, subject to SEC review, as well as shareholder and regulatory approval.
Post-transaction, TeleSign will have approximately $437 million in net cash (assuming no redemptions by NAAC’s shareholders). This includes a 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.
