Architectural display glass manufacturer GLAAM and Jaguar Global Growth today announced a definitive business combination agreement at a pro forma enterprise value of $309 million.
If the deal is approved, GLAAM is expected to be renamed at a later date, and its ordinary shares are expected to be list on the Nasdaq under a new ticker symbol.
Proceeds from the transaction, before the payment of expenses, will be up to $244 million of cash held in Jaguar Global's trust before any redemptions, with approximately $200 million in net cash on the balance sheet to fund growth. The transaction does not include a minimum cash condition.
Seoul, South Korea-based GLAAM is a large-scale provider of architectural media glass. The company manufactures an integrated architectural IT product, G-Glass, that combines architectural glass with customizable, large-scale digital media display capabilities. The product allows buildings to be transformed into huge digital art canvases, transmit real-time event broadcasts, and become interactive experiences through sensors and smartphone connectivity. Read more.
Source: GLAAM Merging with Jaguar Global Growth I in 9M Deal