Broad Capital Acquisition to Merge With Openmarkets Group in $90M Deal

Openmarkets, which provides trading and wealth management tech solutions, and Broad Capital Acquisition announced today that they have entered into a definitive merger agreement at an enterprise value of $90 million.

If approved by Broad Capital’s shareholders, the transaction is expected to close in the second quarter. OMGL Holdings Ltd, currently an Australian public company, is expected to list on the Nasdaq.

In addition to the $90 million base consideration, the deal includes another potential $20 million in earnout over two years, subject to certain target revenues.

ARC Group is sole financial and M&A advisor to OMG. Biztech Lawyers are acting as US and Australian legal counsel to OMG. MSPC Certified Public Accountants and Advisors and Moore Australia serve as OMG’s auditors. Nelson Mullins Riley & Scarborough is acting as US legal counsel to Broad Capital and King Kee Appraisal and Advisory is providing its opinion on the business combination.

Broad Capital raised nearly $102 million in an IPO a year ago. Read more.

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