FTAC Olympus’s $3.3bn Acquisition of Payoneer

By Samuli Karjalainen, Chiara Fulvi, Jonathan Fuchs, Lolade Aluko, Eden Yang (LSE), and André Assouline, Olivier Baverez, Alexis Bernet, Kévin Insixiengmay, Martin Palomar (HEC)

 

Overview of the deal


Acquirer: FTAC Olympus Acquisition Corp.

Target: Payoneer

Implied Equity Value: $3.8B

Total Transaction Size: $3.3B

Closed date: June 2021

Target advisor: Financial Technology Partners (exclusive financial and capital markets advisor)


Payoneer announced its SPAC merger with FTAC Olympus Acquisition Corp in order to go public, on the 3rd February, 2021 for $3.3 billion. Payoneer is a New York-based and originally Israeli Fintech company leading in online payment services, with over four million customers around the world, serving B2B and B2C segments. FTAC Olympus Acquisition Corp is a blank-check company which has been formed with the purpose of acquiring or merging with a financial services technology company, and it has finally chosen Payoneer. As part of the agreement Payoneer is set to receive $563 million in cash. The merger will allow the company to finance its expansion into new markets, serve new segments and extend its product portfolio. The transaction will be one of the most significant SPAC deals of the year and further fuels the boom in the SPAC asset class.

““As much as we have accomplished to get to where we are, we really think we’re just scratching the surface and we’re just at the beginning stages,” “We have a busy agenda.”” - Scott Galit, CEO of Payoneer

Source: Telefonica


Company Details: (Acquirer - FTAC Olympus Acquisition Corp.)


FTAC Olympus Acquisition Corp. (NASDAQ:FTOC) is a blank check company incorporated as a Cayman Islands exempted company. In other words, it is a publicly-traded company that has no established business plan benefiting from the lack of corporate taxation in Cayman Islands. The company was created for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.


Founded in 2020, headquartered in Philadelphia (PA), United States

CEO: Ryan Gilbert

Number of employees: N/A

Market Cap: 1,273.4 mm $ (as of 05/02/2021)

EV: 1.310 mm $

LTM Revenue: N/A

LTM EBITDA: N/A

LTM EV/Revenue: N/A

LTM EV/EBITDA: N/A


Company Details: (Target - Payoneer)