São Paulo, Brazil-based Nuvini acquires and manages a portfolio of high growth software-as-a-service companies. It currently has six companies in its portfolio, and intends to use funding and capital market access to continue expanding its acquisition strategy.
Under the terms of the LOI, Mercato Partners and Nuvini would become a combined entity, with Nuvini’s existing equity holders rolling over 100% of their equity into the combined company.
The parties haven’t disclosed details on the transaction just yet, but expect to announce further information when a definitive agreement is executed, which is expected towards the end of the first quarter of 2023.
Mercato currently has a completion deadline of February 8, but is hoping to extend its timeline to November 8 at its next special meeting. The SPAC priced its $200 million IPO in November 2021 and originally set out to combine with a business in the technology or branded consumer products sector.
Since MPRA’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.