Pro forma equity value of the merger is $1.9B and assuming no redemptions by Replay Acquisition’s public shareholders, Management, entities managed by Finance of America’s founder and funds managed by Blackstone Tactical Opportunities will own ~70% of the combined company.
Top-tier institutional to invest $250M fully committed common stock PIPE at $10.00 per share.
Estimated cash proceeds will include the PIPE in addition to Replay Acquisition’s $288M of cash in trust, subject to redemptions.
It is anticipated that the combined company will begin with a minimum of $250 million of cash and cash equivalents.
The transaction is expected to close in the first half of 2021.