×

Digital freight platform Transfix to go public via merger with SPAC

Published Sep 21 2021 at 11:13 AM GMT
Key
Points
  • Transfix Inc., a digital freight platform, said Tuesday it is going public by merging with special-purpose acquisition corporation G Squared Ascend I in a deal with a pro forma enterprise value of $1.1 billion.
  • The deal is expected to close in the first quarter of 2022, leaving Transfix with about $375 million of cash to accelerate growth plans.
  • Combined with a $50 million revolving credit facility from MidCap Financial agreed in May, the company will have about $400 million in liquidity to be invested in product innovation and technology.
  • The new company will list on the New York Stock Exchange, under the new ticker 'TF.' Transfix Chief Executive Lily Shen and co-Founder and Chairman Drew McElroy will remain in their roles.
  • Transfix, which works with some Fortune 500 companies, as well as with mid- and small-sized shippers, grew revenue by 40% in 2020.




Trending

Stats

  • Published Sep 21, 2021 11:13 AM GMT