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Mexican fintech Covalto plans to go public through a merger with SPAC LIV Capital Acquisition Corp. II (NASDAQ:LIVB) that pegs the pro forma enterprise value of the company at $547M.
The deal, which is slated to close Q1 2023, is expected to generate gross proceeds of $177M for Covalto, assuming to redemptions by LIVB shareholders. The companies hope to list shares of the combined entity on Nasdaq under the symbol CVTO.
Formerly known as Credijusto, Covalto is a provider of digital banking and financial services to small and medium-sized businesses in Mexico.
LIVB is an affiliate of Mexico-based private equity fund manager LIV Capital. The SPAC held its initial public offering on Feb. 7, raising $115M.
Image and article originally from seekingalpha.com. Read the original article here.