Everest Consolidator Acquisition today announced updates to the terms of its proposed merger with Unifund Financial Technologies, a group of data science and analytics companies focused on the consumer debt servicing industry.
Based on the assumption that Everest retains $60 million in its trust, the pro forma enterprise value of the combined company is estimated to be approximately $232 million. That’s a decrease of about 3% from the $238 million enterpise value at deal announcement in May.
The trust will be supported via a 1.5 million share bonus pool.
Everest intends to solicit warrant holder approval to amend the terms of Everest’s public warrants so that each warrant will be convertible into the right to receive a cash payment of 50 cents upon the closing of the business combination. The SPAC said this is an effort to create a cleaner capital structure for the combined company.
Existing shareholders of Unifund will roll 100% of their equity holdings.
The transaction is expected to close as early as this quarter.
If the deal is approved Unifund Financial Technologies is expected to be listed on the Nasdaq under the ticker symbol UFND.
Unifund acquires and services consumer debt receivables. Unifund also provides consumer data analytics and custom recovery solutions for major banks, financial institutions and other creditors across the United States. Read more.
