North Atlantic Acquisition announced today that it terminated a business combination agreement with TeleSign, effective immediately. The SPAC intends to seek an alternative business combination.
North Atlantic CEO Gary Quin said, “We are disappointed that current market conditions made it impossible to complete our proposed merger, but TeleSign is a great company with a strong management team and we are confident that it has a bright future.”
A vote on the deal was scheduled months ago, then postponed twice.
North Atlantic in May said there were already sufficient votes to approve the deal, but not all of the closing conditions had been satisfied. The postponement was intended to permit more time to satisfy the closing conditions, the SPAC said, without offering specifics.
The deal was valued at $1.3 billion. Post-transaction, TeleSign was expected to have approximately $437 million in net cash. Read more.
