BTWN - Peter Thiel-backed SPAC Bridgetown to merge with fintech MoneyHero

2023-05-26 13:56:40 ET

SPAC Bridgetown Holdings ( NASDAQ: BTWN ), which is backed by billionaire Peter Thiel, has agreed to merge with Southeast Asian fintech MoneyHero (MNY), formerly known as Hyphen Group.

The deal values MoneyHero at a pre-money enterprise value of $200M and equity value of around $198M. The combined company would have an enterprise value of $342M, assuming no redemptions by Bridgetown shareholders and including approximately $154M from Bridgetown's trust account, according to a statement.

Shares of the combined company are slated to trade on Nasdaq under the symbol MNY. The deal is expected to close during the latter half of the year.

Bridgetown held its initial public offering in October 2020, raising $550M. The SPAC is backed by Pacific Century Group and Thiel Capital.

More on Bridgetown:

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