BX - Blackstone backed Finance of America to launch IPO via SPAC merger

Consumer lending platform, Finance of America Equity Capital, backed by Blackstone Group (BX), has set tables to go public with a $1.9B valuation through a blank-check merger with Replay Acquisition (RPLA).Transaction expected to close in 1H21.In connection with the merger,  institutional investors will also make a private investment of $250M in the company.Consumer lender’s founder and funds managed by Blackstone will be left with a 70% ownership stake.Estimated cash proceeds will consist of the PIPE in addition to Replay Acquisition's $288M of cash in trust, subject to redemptions.Finance of America's services include traditional mortgages, reverse mortgages, commercial-real-estate loans and fixed-income investing.It reports a strong top line growth and superior operating leverage, with a 41% revenue CAGR from 2018 to 2020E, a 188% GAAP pre-tax income CAGR, and a 182% CAGR for adj. EBITDA.Finance of America's 3Q prelim results:Over the past ~5 years, it has grown through a series of acquisitions as

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Blackstone backed Finance of America to launch IPO via SPAC merger