TBA - Thoma Bravo SPAC confirms deal with ironSource

March, 21 2021 07:35 PM Thoma Bravo Advantage Class A

Thomas Bravo SPAC Thoma Bravo Advantage (TBA) confirmed a deal to take mobile marketing firm ironSource (IRSO) public in a transaction valued at more than $11b. The transaction is expected to provide up to $2.3b in cash proceeds, including a PIPE of $1.3b and $1b of cash held in the trust account of Thoma Bravo Advantage.PIPE investors include funds and accounts managed by Tiger Global, Counterpoint Global (Morgan Stanley), Nuveen, Hedosophia, Wellington Management, The Baupost Group, and certain funds managed by Fidelity Investments Canada.ironSource recorded 2020 revenue and adjusted EBITDA of $332m and $104m respectively, growing revenue at 83% year over year.The deal is expected to close in Q2. Upon completion of the transaction, the combined company will retain the ironSource name.Goldman Sachs, Jefferies and Citigroup are serving as financial advisors to ironSource.Recall March 14, Thoma Bravo's SPAC reportedly in talks to take IronSource public.

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Thoma Bravo SPAC confirms deal with ironSource

Company Name:	Thoma Bravo Advantage Class A
Stock Symbol:	TBA
Market:	NYSE

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