Pontem in an 8-K said it entered into a non-binding letter of intent for a potential business combination with a target 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.