Concord Acquisition Agrees to Go-Public Deal With Events.com

Blank-check company Concord Acquisition Corp. II has agreed to take Events.com public in a deal that values the event management platform at an equity value of $314 million.

The newly combined company will be named Events.com and is expected to be listed on the New York Stock Exchange under the new ticker symbol RSVP, the two companies said Tuesday.

Concord is a special purpose acquisition company affiliated with investment firm Atlas Merchant Capital led by former Barclays Chief Executive Bob Diamond as well as Concord's CEO Jeff Tuder.

The proposed business combination implies a pro-forma enterprise value of $399 million, which assumes a $434 million equity value at closing, based on an estimated 43.4 million shares outstanding, as well as $35 million of net cash. The equity value of $314 million excludes the impact of certain convertible securities and earn out consideration, the companies said.

Events.com previously secured a commitment of $100 million from alternative investment firm Gem Global Yield by way of a share subscription facility.

Together with the transaction proceeds, the company expects to fuel Events.com's strategic growth plan which, among other initiatives, includes increasing revenue streams, expanding its product offerings and launching marketing campaigns.

Events.com's co-founders, Mitch Thrower and Stephen Partridge, are expected to continue as CEO and chief operating officer, respectively, while Bob Bellack, co-founder of Cars.com and Apartments.com, is expected to take on the role of chief revenue officer.

Read the original article here