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FT Partners Advises Payoneer on its $3,796,000,000 Merger with FTAC Olympus Acquisition Corporation

Overview of Transaction

  • On February 3, 2021, Payoneer Inc. (“Payoneer”) and FTAC Olympus Acquisition Corp. (“FTOC”), a special purpose acquisition company (“SPAC”), announced they have entered into a definitive agreement and plan of reorganization
  • Upon closing of the reorganization, the newly created holding company will be renamed Payoneer Global Inc. and the combined company (the "Company") will operate as Payoneer, a U.S. publicly listed entity
  • Estimated post-transaction enterprise value of $3.3 billion with up to $563 million in cash, offering significant capital flexibility for continued organic and inorganic growth
  • Transaction includes commitments for $300 million PIPE from investor group including existing investor Wellington Management, as well as funds and accounts managed by BlackRock, Dragoneer Investment Group, Fidelity Management & Research Company LLC, Franklin Templeton, certain funds managed by Millennium Management, funds and accounts advised by T. Rowe Price Associates, Inc., and Winslow Capital Management, LLC
  • Payoneer is a global payment and commerce-enabling platform which powers growth for millions of digital businesses worldwide – Payoneer’s mission is to democratize access to financial services and drive growth for digital businesses of all sizes from around the world

Significance of Transaction

  • While creating significant liquidity for existing shareholders, Payoneer’s Management team will continue to lead the merged Company as over 68% of existing Payoneer equity is expected to be rolled as part of the transaction
  • The net proceeds raised from the transaction will be used to support Payoneer’s multi-pronged growth strategy, including extending leadership with marketplace ecosystems, accelerating strategic and channel partnerships, ramping of developing products and services and pursuing targeted strategic M&A

FT Partners' Role

  • FT Partners served as exclusive financial and capital markets advisor to Payoneer
  • FT Partners previously advised Payoneer on its acquisition of optile in 2019
  • Builds on FT Partners' expertise in navigating the unique process in selling companies to SPACs, and follows highly successful sales of FT Partners’ clients Porch, Open Lending, CardConnect and REPAY

Note: Additional information about the transaction will be provided in a Current Report on Form 8-K to be filed by FTOC with the SEC and available at www.sec.gov