Avalon Acquisition today announced a definitive merger agreement with Dallas-based The Beneficient Company Group, a provider of liquidity, data, custody and trust services to alt asset holders. The combination implies an enterprise valuation of $3.5 billion.
If approved, upon closing Beneficient is expected to list on the Nasdaq.
Beneficient’s end-to-end digital platform provides financing for liquidity and related services to a growing number of investors who are seeking liquidity for their alternative assets through regulated fiduciaries. The Company’s cybersecure-certified AltAccess portal is the first widely available venue for exchanging alternative assets from a balance sheet provider acting as a regulated fiduciary, is subject to regulatory oversight and is powered by over 800,000 lines of proprietary code, according to a press release.
Terms call for the target to receive $200 million in gross proceeds from Avalon’s cash in trust – assuming no redemptions.
At closing and assuming no redemptions, existing Beneficient shareholders are expected to continue owning 88% of the combined company, with public stockholders controlling 10%, and Avalon sponsors expected to own 2%.
Avalon was formed by Grail Partners in 2021. Read more.
