Mexico-based luxury resort developer Murano today announced a business combination with HCM Acquisition, which values the target at a pro forma enterprise value of approximately $810 million, assuming 85% redemptions, according to the announcement.
If approved, upon closing the combined company will do business under the name Murano Group Hospitality. Murano develops properties in North and Central America, with a portfolio and range of completed projects that include marinas, hotels, condominiums, and apartment complexes. Murano has three luxury resort venues in development in Cancun, with more than 3,000 keys. Operations are scheduled to commence in phases, with the first phase to open in the third quarter of 2023 and full operation expected in 2027.
Terms of the deal call for Murano to convert into a corporation with all of Murano’s existing shareholders rolling 100% of their shares into the new company. Assuming 85% redemptions from HCM shareholders, Murano investors will hold approximately 85% of the shares of the combined company on closing.
HCM Acquisition raised $287.5 million in a January 2022 IPO with plans at that time to target fintech companies. Read more.
