Pagaya Technologies, a B2B2C financial technology company, announced an upsized $350 million fully committed common equity PIPE in support of its proposed merger with EJF Acquisition.
The additional $220 million of new committed capital represents a commitment from long-term investors, including Tiger Global, Whale Rock, GIC – Singapore’s Sovereign Wealth Fund, Healthcare of Ontario Pension Plan and G Squared. To accommodate the demand, funds affiliated with EJF Capital LLC reduced a portion of their allocation.
Announced in September, the deal carries an estimated enterprise value of $8.5 billion. In addition to the upsized PIPE, the transaction includes $288 million in gross proceeds from EJFA’s cash in trust (which assumes no redemptions). Read more.
