Canna-Global Acquisition today announced a definitive merger agreement with Sydney-based New Quantum Holdings Pty Ltd. at an estimated proforma enterprise value of $800 million. The target provides wealth management all-in-one Fintech as a Service.
Deal financing details were scant in the press release announcing the transaction. Canna-Global disclosed in March that redemptions ahead of its November 2022 extension vote removed approximately $212 million from trust, leaving about $24.3 million.
If approved, New Quantum would list on the Nasdaq under the ticker symbol NQH.
The deal requires approval from the Australian Securities and Investments Commission, which the parties hope to finalize in July.
The announcement follows New Quantum’s recent acquisition of a majority interest in Morrison Securities from the ASX-listed Sequoia Financial Group for $A40.5 million. New Quantum intends to add technology solutions to the Morrison Securities marketplace to enhance the user experience. The combined entities have, AUD $20 billion of committed funds under management, and a qualified additional pipeline of AUD $80 billion.
Following a November 2021 IPO, Canna-Global was initally focused on target businesses addressing a large market opportunity in the medicinal cannabis or cannabinoid industry. Read more.
