ITHAX Acquisition included an investor briefing in a regulatory filing, highligting its proposed merger with Mondee, a technology- driven travel marketplace with brands in the leisure, retail and corporate travel sectors. The deal is valued at about $1 billion.
As announced in December, estimated cash proceeds from the transaction are expected to consist of ITHAX’s $241.5 million of cash in trust, excluding any redemptions. In addition, investors committed to invest $50 million in a PIPE include funds affiliated with Morgan Stanley Investment Management, Origami and ARCPE; principals of major private equity funds; strategic investors in travel and leisure such as Travco and Entertainment Benefits Group, and a group of prominent family offices from the United States and Europe.
If approved, Mondee would trade on the Nasdaq under new ticker symbol MOND.
Mondee management, which is the company’s largest shareholder, is rolling 100% of its equity into the combined company, as are all existing Mondee shareholders, including the company’s private equity backers – funds affiliated with Morgan Stanley Investment Management and Origami. Read more.
