Investcorp Europe Acquisition I filed a proxy proposing a six-month extension to complete its deal with OpSec, a global provider of brand protection solutions and intellectual property management.
The SPAC wants to move the deadline back to Dec. 17, which would mark the third anniversary of its $300 million IPO. The preliminary proxy filing does not state the current balance in the trust.
The deal was announced a year ago at a pro forma enterprise value of $426 million. If the merger is approved, OpSec Group would likely trade on the Nasdaq, where Investcorp Europe I presently lists.
The transaction is supported by a $50 million backstop by the SPAC’s sponsor, with up to $199 million in gross transaction proceeds, less any redemptions by Investcorp Europe shareholders. Any incremental proceeds will be held on the balance sheet, with current investors rolling 96% of their pro forma ownership into the merged enterprise. Read more.
