Furniture World News By Nic Ledoux on 12/18/2020
Katapult Holding, Inc. (“Katapult”), an e-commerce focused financial technology company, and FinServ Acquisition Corp. (NASDAQ: FSRV) (“FinServ”), a special purpose acquisition company, announced that they have entered into a definitive merger agreement. Upon closing of the transaction, the combined company (the Company ) will operate as Katapult and plans to trade on Nasdaq under the new symbol “KPLT”. The transaction reflects an implied pro forma combined enterprise value for the Company of approximately $1 billion.
Katapult is a leading provider of e-commerce point-of-sale (“POS”) purchase options for nonprime US consumers. Katapult’s fully digital, next generation technology platform provides consumers with a flexible lease purchase option to enable them to obtain essential durable goods from Katapult’s network of top tier e-commerce retailers. K
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Fintech Firm Katapult to go Public via Planned Merger with SPAC FinServ, Deal Values Company at $1 Billion
Fintech firm
Katapult is planning to go public through a merger with SPAC FinServ. The transaction would value the firm at approximately $1 billion.
According to a release, Katapult Holding Inc. is preparing for an IPO after the digital commerce Fintech revealed on December 18, 2020, that it made an agreement to merge with special purpose acquisition company or SPAC (or “blank-check” company) FinServ Acquisition Corp. (NASDAQ:FSRV).
The deal implies an enterprise value for the combined firm of around $1 billion. The deal reportedly includes a $150 million private investment in public equity (PIPE) from investors that include Tiger Global Management and Neuberger Berman Funds. After the deal has been finalized (around H1 2021), the company will operate as Katapult and the stock may trade on the Nasdaq under the KPLT ticker symbol.
$900+ million Transaction Provides $365 million Total Consideration to CURO
WICHITA, Kan.–(BUSINESS WIRE)–CURO Group Holdings Corp. (NYSE: CURO) (“CURO”), a market leader in providing credit to non-prime consumers, announced today that it is positioned to benefit from today’s announcement that Katapult Holding, Inc. (“Katapult”), a company approximately 40% owned by CURO and a leading provider of e-commerce point-of-sale (“POS”) lease purchase options for non-prime US consumers, and FinServ Acquisition Corp. (Nasdaq: FSRV) (“FinServ”), a publicly traded special purpose acquisition company (“SPAC”), have entered into a definitive merger agreement. The transaction values Katapult’s equity at $908 million, which includes an earnout of up to $75 million in the form of additional common shares in the new public company.
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3 Firms Steer SPAC Tie-Up Forming $1B E-Commerce Fintech
Law360 (December 18, 2020, 6:21 PM EST) Venture-backed payment plan provider Katapult said Friday that it has inked a deal with a special purpose acquisition company to merge and create a publicly traded e-commerce-focused financial technology company worth roughly $1 billion, with guidance from DLA Piper, Kirkland & Ellis and Paul Hastings.
The deal values the combined entity s equity at $962 million, according to the company. Katapult Holdings Inc., backed by Tribeca Venture Partners, will keep its name and list on Nasdaq under the symbol KPLT following the tie-up with FinServ Acquisition Corp, Katapult said in a statement.