Payments platform Payoneer and FTAC Olympus Acquisition said that they have completed their business combination approved by FTOC’s shareholders last week.
Payoneer Global stock and warrants trade on the Nasdaq under PAYO and PAYOW.
Following the reorganization, Payoneer is expected to have up to $563 million in cash. The transaction includes a $300 million PIPE from investors including Wellington Management, as well as Dragoneer Investment Group, Fidelity Management & Research Company, Franklin Templeton, certain funds managed by Millennium Management, funds and accounts advised by T. Rowe Price Associates, and Winslow Capital Management.
The deal reflects an implied enterprise value at closing of approximately $3.3 billion, representing a 7.6x multiple of 2021 expected revenue of $432 million. Read more.
