ITHAX Acquisition today filed a Form S-4 registration statement outling its proposed merger with Mondee, a technology- driven travel marketplace with a portfolio of globally recognized brands in the leisure, retail and corporate travel sectors. The deal is valued at about $1 billion.
As announced in December, estimated cash proceeds from the transaction are expected to consist of ITHAX’s $241.5 million of cash in trust (assuming no redemptions). In addition, investors committed to invest $50 million in a PIPE include funds affiliated with Morgan Stanley Investment Management, Origami and ARCPE; principals of major private equity funds; strategic investors in travel and leisure such as Travco and Entertainment Benefits Group, and a group of prominent family offices from the United States and Europe.
If approved, upon closing — which is still expected in the first half of 2022 — Mondee would trade on the Nasdaq under new ticker symbol MOND.
Mondee management, which is the company’s largest shareholder, is rolling 100% of its equity into the combined company, as are all existing Mondee shareholders, including Mondee’s private equity backers – funds affiliated with Morgan Stanley Investment Management and Origami. Upon the closing of the transaction, and assuming none of ITHAX’s public shareholders elect to redeem their shares, existing Mondee shareholders are expected to own 63% of the new company, the ITHAX sponsors are expected to own 7%, PIPE participants are expected to own 5%, and public stockholders would own 25%. Read more.
