SK Growth Opportunities today announced a merger agreement with digital investment platform Webull at an implied pro forma enterprise value of approximately $7.3 billion. If approved, Webull would list on the Nasdaq under a new ticker symbol.
There is no minimum cash condition to close. The deal is expected to close in the second half of 2024.
Webull launched in the United States in 2018 and has since expanded to Asia Pacific, Europe and Latin America. Today, the Webull App has been downloaded more than 40 million times and has 20 million registered users globally, according to the announcement. The company is licensed as a broker-dealer in 10 major markets and operates in 15 regions globally with approximately $370 billion in equity notional volumes and 430 million options contracts traded through the Webull platform in 2023.
One of the target’s main competitors is Robinhood Markets.
SK Growth raised nearly $210 million in its June 2022 IPO initially to focus on ESG companies.
Cohen & Company Capital Markets is acting as SK Growth’s exclusive financial advisor and lead capital markets advisor. Kirkland & Ellis is Webull’s U.S. legal counsel, and Wilson Sonsini Goodrich & Rosati is SK Growth’s U.S. legal counsel. Read more.
