MNG Airlines To Go Public Through Business Combination With SPAC Golden Falcon

(RTTNews) - MNG Havayollari ve Tasimacilik A.S., called as MNG Airlines, , a logistics provider and e-commerce enabler, Wednesday said it has entered into a definitive agreement to become publicly traded through a business combination with Golden Falcon Acquisition Corp. (GFX), a special purpose acquisition company.

The transaction is expected to close in the first half of 2023, after which MNGA will be listed on the New York Stock Exchange under the new ticker symbol "MNGA".

The proposed business combination has been unanimously approved by both the Board of Directors of Golden Falcon and the Board of Directors of MNGA.

The deal is also expected to have a pro-forma enterprise value of $676 million, assuming minimum gross transaction proceeds of $30 million.

MNG Airlines services over 15,000 corporate customers across 41 countries through over 3,500 flights per year. The company's last twelve months revenue grew 39% year over year to $353 million, with net income of $61 million and adjusted EBITDA of $116 million. For the three months ended September 30, the Company's revenue grew 47% year-on-year to $90 million, with net income of $26 million and Adjusted EBITDA of $27 million.

The company said it has been net income-positive for the last 10 years.

Ali Sedat Özkazanc, CEO of MNGA, said, "We see significant value creation potential from becoming a publicly listed company in the U.S., with the expectation that it will enable transformative commercial agreements, create an acquisition currency, and align management incentives with shareholders."