Israel Acquisitions and Pomvom Ltd. announced a business combination agreement at an equity value for Pomvom of $125 million. If approved, the combined company will trade on the Nasdaq and leverage Pomvom’s leading technology augmented with the SPAC’s management team.
The target is a technology company that develops experiential content to amusement parks and attractions globally, replacing operative physical solutions. Pomvom serves many of the largest theme park and attraction operators globally, including Six Flags, Warner Bros., and Merlin Entertainment. Strategic long-term agreements signed in 2023 with Warner Bros. and Six Flags are expected to increase the number of partner sites for Pomvom to 47 by the end of 2024 — a 23% increase from its current 38 sites, and to accelerate growth in 2024 and onwards.
Finance details were scarce in the press release announcing the deal, beyond a $20 million minimum cash condition to close the deal. That amount includes the SPAC’s remaining cash in trust plus additional financing to be raised, according to the announcement. Pomvom’s officers, directors, and more than 10% of its shareholders, as well as the SPAC’s sponsor will enter into a 12-month lock-up agreement, with a further staggered release of up to 12 months from the closing.
Israel Acquisitions raised $125 million in an IPO a year ago this month. The SPAC signed an LOI with Pomvom in October.
Tiberius Capital Markets is financial advisor to Israel Acquisitions, with Reed Smith, Naschitz Brandes Amir, and Stuarts Humpries acting as legal advisors.
Roth Capital Partners is financial advisor to Pomvom, with Greenberg Traurig, Goldfarb Gross Seligman & Co., and Barnea Jaffa Lande acting as legal advisors. Read more.
