Haymaker Acquisition III today filed a preliminary proxy outlining its proposed merger with BioTE Holdings, a medical practice-building business within the hormone optimization space. The deal carries an equity value of $737 million. If approved, the combined company is expected to trade on the Nasdaq under BTMD.
As announced in December, terms of the deal call for the combined company to have approximately $195 million in cash on its balance sheet at closing, after the payment of transaction expenses and distributions to Biote members. Funding consists of $317.5 million of cash held in Haymaker’s trust (assuming zero redemptions), the proceeds of a debt financing, and the expected balance sheet cash at 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 the SPAC’s sponsor) with 52%, excluding the impact of deferred equity held by Biote members and Haymaker Sponsor III. Read more.
