Betsy Cohen's SPAC to take tech firm Pico public in $1.75 bln deal

  • 8/4/2021
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Aug 4 (Reuters) - Fintech entrepreneur Betsy Cohen"s special-purpose acquisition company (SPAC) has agreed to merge with technology services firm Pico in a deal that gives the combined entity an equity value of $1.75 billion, the companies said on Wednesday. Since last year, Cohen has clinched a series of such deals with high profile names including boutique investment bank Perella Weinberg Partners (PWP.O), payments provider Payoneer (PAYO.O) and Israel"s online stock brokerage eToro. New York-based Pico"s deal with Cohen"s FTAC Athena Acquisition Corp (FTAA.O) will result in proceeds of $450 million for the combined company, and is supported by a private investment in public equity (PIPE) round of $200 million. The PIPE investors include Golden Gate Capital and Wellington Management Pico provides a number of technology services to the financial markets community, including infrastructure hosting and market data. Its customers include Wells Fargo & Co (WFC.N), Goldman Sachs (GS.N) and Tokyo Stock Exchange, among others. SPACs - publicly-traded companies with no business operations - use the money from their initial public offerings to buy a private company and take it public. FTAC Athena raised $250 million in its IPO in February. After the transaction closes in late 2021, Pico will trade on the Nasdaq.

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