North Atlantic Acquisition scheduled a May 18 meeting for shareholders to vote on the proposed merger with TeleSign. The SPAC also said its registration statement on the deal has been declared effective by the SEC.
Founded in 2005, TeleSign provides solutions for security, authentication, fraud detection, compliance and reputation scoring.
The deal implies a pro forma enterprise value of approximately $1.3 billion.
The transaction is expected to close in the second quarter, subject to SEC review, as well as shareholder and regulatory approval.
Post-transaction, TeleSign will have approximately $437 million in net cash (assuming no redemptions by NAAC’s shareholders). This includes a PIPE of $107.5 million from investors including SFPI-FPIM.
Sole TeleSign shareholder Proximus Group is not selling any of its stock in the transaction and will own 66.5 percent of the combined company upon completion of the deal (again, assuming no redemptions). Read more.
