Thoma Bravo Advantage (TBA) Shareholders Approve ironSource Deal

Thoma Bravo Advantage  (NYSE:TBA) announced in a press release that its shareholders approved its combination with publishing platform ironSource at a special meeting earlier today.

More than 96% of the votes cast at the meeting voted to approve the business combination and holders of approximately 86% of TBA’s issued and outstanding shares cast votes. The transaction is expected to close on June 28, and the combined entity’s shares will start trading on the New York Stock Exchange under the new symbol “IS” on June 29.

Per today’s 8-K, 18,254,045 shares were redeemed at today vote, removing approximately $182.5 million from it’s initial trust value of $1 billion. However, Thoma Bravo affirmed its commitment earlier this month to purchase ironSource shares at closing in the event that redemptions by TBA’s shareholders exceed $150 million. As such, the Sponsor has agreed to invest approximately $32.5 million in ironSource at the consummation of the Transactions.

The parties initially announced the $10.3 billion deal on March 22. Tel Aviv-based ironSource provides a publishing and monetization platform for mobile app developers.

ADVISORS

• Goldman Sachs & Co. LLC, Jefferies LLC and Citigroup Global Markets Inc. are serving as financial advisors to ironSource
• Latham & Watkins LLP and Meitar | Law Offices are serving as legal advisors to ironSource.
• Kirkland & Ellis LLP, Goldfarb Seligman & Co. and Cadwalader, Wickersham & Taft LLP are acting as legal advisors to Thoma Bravo Advantage.
• Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Jefferies LLC acted as PIPE placement agents.