HotelPlanner, to go public via SPAC Astrea Acquisition

HotePlanner and agreed to go public though a deal with SPAC Astrea Acquisition Corp. (NASDAQ:ASAX).

The transaction is expected to generate more than $120M in cash proceeds and will give the new company a pro forma enterprise value of $567.1M, according to a statement.

The combined company will keep the HotelPlanner name after consummation of the merge and forecasts 2022 revenue of about $170M an expects a three-year revenue CAGR (2020 to 2023) of around 42%.

A transaction is expected to be completed in Q4 and HotelPlanner will be listed on Nasdaq under the ticker symbol “HOTP.”

Existing HotelPlanner and owners have agreed to roll-over approximately 93% of its ownership and expect to retain approximately 68% ownership following the deal. Secondary proceeds of $35M are primarily intended to effectuate the transaction between and HotelPlanner.

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Seeking Aplha, Aug. 10, 2021