The Week In SPAC News - Sunday, Sept. 26

In SPAC news this week, Transfix and G Squared Ascend have entered into a definitive business combination agreement.

Transfix, G Squared Ascent to Combine 

Transfix announced it has entered into a definitive business combination agreement with G Squared Ascend I (GSQD), a special purpose acquisition company sponsored by affiliates of G Squared, which is a growth-stage venture capital fund manager focused on the technology sector. The closing of the transaction is expected by the end of the first quarter 2022.

The combined company is expected to be listed on the NYSE under the ticker symbol "TF." The transaction implies a pro forma enterprise value for Transfix of $1.1 billion. Upon the closing of the transaction, existing Transfix shareholders are expected to own approximately 69% of the combined company, with G Squared Ascend I public stockholders owning approximately 24%. 

G Squared Ascend I's sponsor has agreed that 50% of its Transfix shares will be subject to forfeiture depending on post-closing share performance. The transaction will also include a minimum cash condition of $200 million.

In addition to the $345 million cash in trust, G Squared is leading a commitment of an incremental $60 million under forward purchase agreements, plus up to another $50 million under G Squared's forward purchase agreement to backstop redemptions from G Squared Ascend I's trust.

Following this transaction, Transfix is expected to have approximately $375 million of cash net of transaction expenses, assuming no redemptions by G Squared Ascend I's public stockholders to accelerate its growth initiatives.

Tiedemann, Alvarium Near Deal to Merge, Go Public

Investment firms Tiedemann Group and Alvarium Investments are close to a deal to merge and go public through a special-purpose acquisition company, The Wall Street Journal's Amrith Ramkumar reported, citing people familiar with the matter. The combined investment firm would be called Alvarium Tiedemann Holdings and be valued at roughly $1.4 billion in the deal with the SPAC Cartesian Growth Corp. (GLBL), the report said.

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