Pontem Inks LOI with Industrial Tech Company

Pontem in an 8-K said it entered into a non-binding for a potential business combination with a company operating a multinational industrial technology business that serves diversified end markets. The target, which has been in operation for almost 40 years, according to the filing, has a blue-chip customer base and is supported by strong shareholders.

The target had approximately $1 billion in revenues in 2021. In addition, Pontem said it has teamed up with an affiliate of a premier alternative asset manager to support the transaction, which the SPAC expects will increase transaction certainty.

A definitive agreement is expected to be announced in the first quarter.

Pontem raised $690 million in a January 2021 . Read more.

Source: Pontem Inks LOI with Industrial Tech Company