Digital Virgo Group and Goal Acquisitions today announced a definitive agreement for a business combination at an enterprise value of approximately $513 million.
If approved, upon closing, Digital Virgo Group stock is expected to list in the U.S. The target is a French corporation which operates a global platform for payment and monetization of digital content and services, providing one destination for entertainment, sports, lifestyle, and ultimately, transportation, education and everyday needs, according to a press release.
The proposed business combination is expected to provide $100 million in cash to Digital Virgo, allowing the company to enhance growth and expand into North America and other priority markets.
The deal is expected to close in the first quarter of 2023. Terms include approval for listing on Nasdaq, European electronic money institution approvals, a minimum of $20 million in cash at closing, and the execution of definitive agreements for a $100 million committed capital-on-demand facility.
Goal Acquisitions raised $225 million in a February 2021 IPO. Read more.
