Banzai International, an end-to-end video engagement platform for marketing, and 7GC & Co. Holdings announced today they have entered into a definitive business combination agreement in a deal valued at $380 million.
If approved, Banzai is expected to trade on the Nasdaq.
Prioer to the closing, Banzai intends to acquire digita;l marketing company Hyros for approximately $110 million in a primarily stock transaction. Hyros’ strength is growing revenue attribution for digital marketers, helping enterprise and SMB customers get accurate sales and marketing data that they can leverage into making better ROI decisions.
Banzai’s platform of marketing tools creates more intent-driven videos, webinars, virtual events, and other digital marketing campaigns.
The Banzai-SPAC deal estimated equity value of $580 million, $207 million in cash, and $7 million in debt, assuming no redemptions. Proceeds are expected to consist of the SPAC’s approximately $230 million of cash in trust.
Banzai is a party to a share purchase agreement with GEM Global Yield and GEM Yield Bahamas Limited, under which GEM has agreed to purchase Banzai common stock up to a value of $100 million, which should allow the combined company post-closing to take in additional capital in the event of high redemptions or if additional capital is needed. Read more.
