NMC Health expects UAE, Oman operations to continue in 2021, after sale of non-core assets
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NMC Health expects UAE, Oman operations to continue in 2021, after sale of non-core assets
NMC is undertaking a complete restructuring of its balance sheet following the discovery of significant fraud and debt February 11, 2021
UAE-based NMC Healthcare, which was forced into administration last year, reported that revenues for the group dropped 6 per cent in 2020 to $1.53bn, down from $1.63bn in 2019.
Meanwhile gross revenues for NMC’s UAE and Oman operations reached $1.12bn, down 6.8 per cent from 2019.
By Reuters Staff
2 Min Read
(Reuters) - Online payment startup Payoneer Inc said on Wednesday it has agreed to go public through a merger with a blank-check firm backed by banking entrepreneur Betsy Cohen, in a deal that valued the merged entity at about $3.3 billion.
As part of the deal with FTAC Olympus Acquisition Corp, Payoneer will receive $300 million from investors including Wellington Management, Dragoneer Investment Group, Fidelity Management & Research Company and Franklin Templeton.
Founded in New York City in 2005, Payoneer provides businesses and professionals with a cross-border payments platform and has over four million customers. Its major investors include Susquehanna Growth Equity, Wellington Management Company and Chinese private equity firm CBC Capital.
Payoneer to Go Public in $3.3 Billion FTAC Olympus SPAC Deal
Payoneer says the transaction with FTAC Olympus Acquisition will close during the first half of the year.
Author:
Feb 3, 2021 11:53 AM EST
Online payment company Payoneer said Wednesday it will go public through a merger with FTAC Olympus Acquisition (FTOC), a special purpose acquisition company run by banking entrepreneur Betsy Cohen, in a $3.3 billion deal.
Shares of the Philadelphia-based FTAC Olympus Acquisition were climbing 9% to $13.89 in trading Wednesday.
The transaction, which was approved by the boards of both companies, is expected to close during the first half of the year.
The combined companies are expected to have $563 million in cash.
Payments Startup Payoneer Reportedly in Merger Talks With SPAC
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FTAC Olympus Acquisition Corp., a blank-check firm, according to people with knowledge of the matter.
The special purpose acquisition company has begun talks to raise new equity to support a transaction that’s slated to value the combined entity at more than $2.5 billion, said one of the people, who asked to not be identified because the matter isn’t public. As a deal isn’t finalized, it’s possible terms change or talks fall apart.
Representatives for New York-based Payoneer and FTAC declined to comment.
Founded in 2005, Payoneer which has said it’s profitable is backed by investors including