Brief: Roadzen Says Plans To Become A Publicly Traded Company Via Merger With Vahanna Tech Edge Acquisition I Corp

Roadzen

14/02/2023 02:52

Feb 13 (Reuters) - Vahanna Tech Edge Acquisition I Corp
 VHNA.O :
    * ROADZEN, INC., A LEADING GLOBAL INSURANCE TECHNOLOGY
COMPANY,
ANNOUNCES PLANS TO BECOME A PUBLICLY TRADED COMPANY VIA MERGER
WITH VAHANNA TECH EDGE ACQUISITION I CORP.
    * VAHANNA TECH EDGE ACQUISITION -DEAL VALUES ROADZEN AT A
PRE-MONEY EQUITY VALUE OF $683 MILLION AND IS EXPECTED TO
PROVIDE UP TO $204 MILLION IN CASH PROCEEDS
    * TRANSACTION IS EXPECTED TO CLOSE DURING Q2 OF 2023
    * ROADZEN'S CEO ROHAN MALHOTRA WILL CONTINUE TO LEAD
COMBINED
COMPANY FOLLOWING CLOSING OF TRANSACTION
    * ROADZEN AND CO, A SPECIAL PURPOSE ACQUISITION COMPANY,
ANNOUNCED
THEY HAVE ENTERED  DEFINITIVE MERGER AGREEMENT
    * SAYS TRANSACTION IMPLIES A PRO FORMA EQUITY VALUE
POST-CLOSING
OF APPROXIMATELY $965 MILLION
    * VAHANNA TECH EDGE ACQUISITION I - DEAL COMPLETION SUBJECT
TO
CLOSING CONDITIONS, INCLUDING SATISFACTION OF $50 MILLION
MINIMUM CASH CONDITION
    * VAHANNA - ASSUMING NONE OF CO'S PUBLIC SHAREHOLDERS ELECT
TO
REDEEM SHARES, EXISTING ROADZEN SHAREHOLDERS EXPECTED TO OWN
73.2% OF COMBINED CO

Source text for Eikon:  ID:nBw3qTB8Ma 
Further company coverage:  VHNA.O 
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