U.S TelePacific Holdings Corp. dba TPx Communications (“TPx”), a leading provider of Unified Communications, and cloud-focused Managed IT Services, and Pensare Acquisition Corp.(NASDAQ: WRLS, “Pensare”), a special purpose acquisition company, recently announced their entrance into a definitive agreement pursuant to which TPx will become a Nasdaq-listed public company.
The transaction implies a combined company’s enterprise value of $1.1 billion and approximately 8.0x multiple of expected 2019 adjusted EBITDA. Upon closing of the transaction, Pensare intends to change its name to “TPx Corp.” and is expected to continue trading on Nasdaq under a new ticker symbol “TPXC.” It is anticipated that TPx’s management team, led by CEO Dick Jalkut and CFO Tim Medina, will continue to lead the combined company and Pensare CEO, Darrell Mays, will serve as Vice Chairman of the combined company’s board of directors. In addition, TPx’s current controlling stockholders, including its parent company Investcorp, will remain as equity holders in the combined entity.
A full description of the transaction terms will be provided in the proxy statement that Pensare intends to file with the Securities and Exchange Commission (“SEC”) to be used at its special meeting of stockholders to approve the proposed transaction.
Q Advisors, a global TMT investment banking boutique, is serving as a financial and strategic advisor to TPx.
Read the full announcement here.