SaaS-focused Nvni Group and Mercato Partners Acquisition today announced a business combination agreement at a combined enterprise value of $312 million.
If approved, Nuvini shares are expected to be listed on the Nasdaq under the ticker symbol NVNI.
The estimated pro forma enterprise value includes an anticipated $23 million in cash net of Nuvini debt at the time of closing, assuming no further redemptions by Mercato’s existing stockholders. The SPAC had signed an LOI with Nuvini last month.
Nuvini shareholders will roll 100% of their equity holdings into the combined company and will hold approximately 70% of the outstanding shares immediately following the completion of the transaction, assuming no redemptions by Mercato’s existing public stockholders and no exercise of outstanding warrants.
Founded in in São Paulo, Brazil, in 2020 by serial entrepreneur and investor Pierre Schurmann, Nuvini is the a private serial software business acquirer focused on Latin America. With seven companies currently in its portfolio, the Nuvini Group intends to use the expected funding and capital market access from the business combination to continue furthering its acquisition strategy. Read more.
