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SPAC 7GC & Co. Holdings (NASDAQ:VII) has agreed to merge with video marketing platform Banzai International through a deal that estimates the enterprise value of the combined company at $380M.
The combined company will have a estimated equity value of $580M, $207M in cash and $7M in debt, assuming no redemptions by shareholders. Shares are expected to trade on Nasdaq.
Banzai has also agreed to buy sales and marketing data collector Hyros for $110M, to be paid primarily in stock. The closing is slated to occur immediately before the SPAC merger.
Based in Seattle, Banzai operates a SaaS engagement platform for marketers to create videos, webinars, virtual events and digital marketing campaigns.
SPAC 7GC & Co. is backed by tech growth fund 7GC and Hennessy Capital. 7GC & Co. went public in December 2020 , raising $230M.
7GC was reportedly in talks to merge with Vice Media (VICEM) last year, with the parties walking away from a potential deal in August 2021.
Image and article originally from seekingalpha.com. Read the original article here.