ISPAC 1 Ltd., the only special purpose acquisition company to have held an offering on the Tel Aviv Stock Exchange, has found a target company to merge into — food manufacturer Baladi, currently owned by hotelier Erez Dahabani, Globes reports.
ISPAC 1, which raised NIS 400 million (nearly $112 million) in August 2021, announced that it had signed a non-binding memorandum of understanding to acquire Baladi.
According to the deal, subject to the signing of a binding agreement between the parties, ISPAC 1 will buy Dahabani’s entire holdings in Baladi, and allocate him 64.25% of the shares of the merged company, (53.2% in full dilution) on the basis of a valuation of NIS 1.1 billion for the merged company. In other words Dahabani’s holdings will be worth NIS 700 million (almost $196 million). Read more.
