Golden Falcon Acquisition and MNG Havayollari ve Tasimacilik A.S. (MNG Airlines) today announced the submission of a confidential draft Registration Statement on Form F-4 to the SEC.
MNG is a global logistics provider and e-commerce enabler.
The proposed business combination is expected to be completed in the first half of 2023 pending regulatory and shareholder approval.
Announced in December, 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, 2022.
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. Read more.
