FP Credit Partners II and FP Credit Partners Phoenix II have made a cash tender offer to purchase up to 7.5 million Class A ordinary shares of Pathfinder Acquisition at $10 in cash per share, without interest and less any applicable taxes. Plans for the tender offer were initially disclosed in October.
Pathfinder has a merger agreement with Movella, a provider of sensors, software, and analytics that enable the digitization of movement. Under terms of the deal, Movella would have a pro forma enterprise value of approximately $537 million.
The target has a pre-transaction equity value of $375 million, subject to certain adjustments.
Movella’s customers include Electronic Arts, NBC Universal, Daimler, and Siemens. The company’s solutions enable real-time digitized movement in the emerging high-growth areas of the Metaverse, next-generation gaming, live streaming and other applications.
Pathfinder raised $300 million in a February 2021 IPO. Read more.
The transaction is supported by the $75 million of committed financing from affiliates of Francisco Partners.
