The unnamed target, which has been in business for almost forty years, operates a multinational industrial technology business that serves diversified end markets. Pontem also disclosed that the target company has an already established blue-chip customer base and generated $1 billion in revenue in 2021.
Pontem expects to announce the transaction in the first quarter of 2023 and has partnered with an affiliate of an alternative asset manager to support the transaction, which the company expects will increase transaction certainty.
The LOI announcement comes just a week before its extension vote on January 13. The SPAC, which IPO’d in January 2021, is currently facing a completion deadline of January 15, but is hoping to gain shareholder approval to extend until July 15.
Since Pontem’s deal is not at the “definitive agreement” stage, and is still just a non-binding LOI, SPACInsider will not consider this deal fully “announced”. As such, it will remain in the “Searching” category until a definitive agreement is signed.