Conyers provided Cayman Islands legal advice to Finnish company MariaDB Corporation Ab (MariaDB), one of the fastest growing and most popular open source database software companies in the world, on its proposed business combination with Angel Pond Holdings Corporation (NYSE: POND) (Angel).
The transaction values the combined company at an implied enterprise value of approximately US$672 million and is expected to provide up to $317 million of net cash proceeds (inclusive of transaction fees and debt repayment), comprised of Angel’s $265 million of cash held in trust (assuming no Angel shareholder redemptions) and funds received from a series financing and PIPE commitments.
The respective boards of directors of MariaDB and Angel have unanimously approved the merger. The transaction will require the approval of the shareholders of both MariaDB and Angel Pond and is subject to other customary closing conditions. The transaction is expected to close in the second half of FY2022.
Partner Matthew Stocker and Counsel Alex Davies of Conyers’ Cayman office advised on the Cayman Islands legal and regulatory aspects of the transaction working alongside Perkins Coie LLP as lead legal advisor to MariaBD.