Golden Falcon, a special purpose acquisition company, said it would merge with MNG Airlines in a US $676 million deal that will see the logistics and e-commerce carrier get a public listing on the New York Stock Exchange in early 2023.
Operating 3,500 flights a year to four continents, MNG revenue grew in 2021 by 39% to US $353 million, according to a statement announcing the deal, with a net income of US $61 million and earnings (EBIDTA) of US $116 million.
Golden Falcon is led by Makram Azar, a former Barclays executive, and Scott Freidheim, who ran Europe operations at Investcorp Holdings. Discussing the deal with investors, Golden Falcon said it had "communicated" its intention "to bring to market an established company with a compelling track record, cash flow-generation, a clear transatlantic expansion nexus, a strong growth profile, committed shareholders, in addition to it being a business that benefited from secular market tailwinds".