Payoneer to go public after SPAC merger, that values payments company at more than $3 billion

M&A / February 4, 2021

MarketWatch

Payoneer Inc. announced an agreement to merge with special purpose acquisition company FTAC Olympus Acquisition Corp. FTOCU, -4.17%, which will effectively take the payments and e-commerce-enabling platform company public. The enterprise value of the combined company is expected to be about $3.3 billion. After the deal closes, which is expected to occur during the first half of 2021, the company will be named Payoneer Global Inc., and is expected to have up to $563 million in cash. FTAC Olympus’s stock, which started trading on Aug. 26, 2020, rose 8.7% in premarket trading following the merger announcement. It has run up 40.6% over the past three months, while the Renaissance IPO ETF IPO, 1.83% has rallied 36.6% and the S&P 500 SPX, 0.75% has gained 13.6%.

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