Far Point Acquisition (FPAC +3.1%), a special-purpose acquisition vehicle co-sponsored by former NYSE President Thomas Farley, will acquire Global Blue, a payments technology company focusing on international shoppers, with Far Point and other new investors chipping in ~$1B.
Current investors, including Silver Lake, the global leader in technology investing, will remain significant shareholders in the combined company.
New Investors — anchored by Ant Financial Services, a member of the Alibaba (BABA -0.5%) platform and operator of Alipay, and Third Point — commit to invest $350M in the combined company at a €2.3B (~$2.6B) enterprise valuation in the form of a private placement.
The new public company will be incorporated in Switzerland and will trade as Global Blue under ticker symbol NYSE: “GB” upon closing.
Farley will become Global Blue’s chairman, while current Global Blue CEO Jacques Stern will continue to lead the company’s existing management team.
During Global Blue’s fiscal year ended in March 2019, the company processed 64M transactions for 29M international shoppers.
Global Blue offers two business lines to merchants seeking to attract international shoppers — tax-free shopping technology and added-value payment solutions.
The transaction will be funded by the $650M of cash held in trust by Far Point and additional investments from Ant Financial Services Group, Third Point LLC, and several established strategic equity investors.
Source: M A News on Seeking Alpha