Digital payments co Payoneer set for USD 3.3 billion value SPAC merger
Digital payments company Payoneer has become the latest Israeli company that will be listing on Wall Street through a merger with a blank check company.
The definitive agreement and plan of reorganization between Payoneer and FTAC Olympus Acquisition Corp. (Nasdaq: FTOC), a special purpose acquisition company (SPAC) will be renamed Payoneer Global Inc. and is expected to have a valuation of USD 3.3 billion.
Meitar acted as Israeli counsel to Payoneer in the transaction, with the team comprising Asaf Harel, Eldar Ben-Ruby, Shachar Hadar and Odelya Lazimi.
Payoneer is represented by Davis Polk & Wardwell LLP and by Paul Hastings LLP as regulatory counsel. Morgan, Lewis & Bockius LLP represented FTAC Olympus Acquisition Corp.
The company was founded in 2005 in Israel by Yuval Tal and Ben Yaniv Chechik and has raised USD 235 million from investors including TCV, Susquehanna Growth Equity (SGE), Viola Ventures, Wellington Management, Nyca Partners, and Temasek.
Payoneer has more than tripled its value since it considered a flotation in 2019 at a USD 1 billion valuation.
