MNG Havayollari ve Tasimacilik A.S. (dba MNG Airlines), a global logistics provider and e-commerce enabler, entered a definitive agreement to combine with Golden Falcon Acquisition.
If approved, the transaction is expected to close in the first half of 2023, after which MNGA will be listed on the NYSE under new ticker symbol MNGA.
The target has 25 years of operating experience with flights to 41 countries on 4 continents. The company started operations in 1996, having conducted its first transatlantic flight in 1998, and now services over 15,000 corporate customers through over 3,500 flights per year. MNG Airlines offers charter services with customized plane and capacity options in addition to scheduled flights and aircraft, maintenance, crew and insurance (ACMI) services. MNG Airlines also has a fully equipped and EU standards-compliant warehouse since 2000.
The transaction is expected to have a pro-forma enterprise value of $676 million, assuming minimum gross transaction proceeds of $30 million, implying a 5.8x multiple on LTM Adjusted EBITDA as of Sept. 30.
UBS Investment Bank and EarlyBirdCapital, Inc. are acting as capital markets advisors to Golden Falcon. Moelis & Company is acting as financial advisor to Golden Falcon. Greenberg Traurig, LLP and Herdem are acting as legal advisors to Golden Falcon. Appolonia Advisors is acting as financial advisor to MNG Airlines shareholders. White & Case LLP and Göksu Safi Işık (GSI) are acting as legal advisors to MNG Airlines. Paul Hastings LLP is serving as legal counsel to UBS Investment Bank and Moelis & Company. Read more.
