Noventiq and Corner Growth Acquisition today announced a merger agreement at an $800 million pro forma enterprise value. The parties had signed a letter of intent in February for a potential deal.
If approved, Noventiq would list on the Nasdaq under the symbol NVIQ and delist from the London Stock Exchange. Current Noventiq shareholders intend to roll 100% of their equity into the combined company, according to the announcement.
Upon closing and assuming no redemptions, Noventiq would have $278 million pro forma cash on its balance sheet, consisting of $112 million in anticipated new proceeds and $191 million in existing cash (as of Dec. 31), less $25 million in transaction fees. Existing Noventiq shareholders are expected to own 84.7% of the fully diluted shares of the combined company, with Corner Growth shareholders expected to own 10.6%, and the SPAC sponsors controlling 4.7%.
Corner Growth raised $350 million nearly two and a half years ago to target “early-growth stage technology companies that could grow into global category leaders.” The trust stood at $76 million as of December 2022.
Focused on cybersecurity, Noventiq operates in almost 60 countries, connecting 75,000 customers and industry-leading strategic partners including Microsoft, Amazon Web Services and Google. The proposed business combination is expected to provide Noventiq with improved access to new sources of capital, accelerate M&A opportunities, and enhance its reach and capabilities in fast-growing in-house technology development in cyber security, generative-AI, and other high-margin products and tools. Read more.
Source: Noventiq Merging with Corner Growth Acquisition 0M Deal