WALD - SPAC Waldencast gains on deal to take Skin care brands Obagi Milk Makeup public

SPAC Waldencast Acquisition Corp. (NASDAQ:WALD) rose 1.9% in premarket trading after agreeing to take skin care brands Obagi and Milk Makeup public in a three-way deal that will value the company at $1.2B.  The transaction will be funded by $345M of IPO cash proceeds,  a fully committed $333M forward purchase agreement, a fully committed $105M PIPE and $475M of seller rollover equity, according to a statement.  Obagi’s and Milk Makeup’s existing shareholders are expected to hold equity of 20.5% and 14.9% respectively. The deal is expected to close in the first half of 2022, Upon the closing of the transactions with Obagi and Milk Makeup, both companies will become part of the Waldencast portfolio, and listed on Nasdaq under the symbol “WALD.” Waldencast will be led by founder and CEO Michel Brousset, who has over 25 years of experience at L'Oréal and Procter & Gamble. Recall March, Waldencast Acquisition to raise $633M behind upsized

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SPAC Waldencast gains on deal to take Skin care brands Obagi, Milk Makeup public