ironSource, a leading business platform for the app economy, has announced that it has entered into a definitive agreement to merge with Thoma Bravo Advantage (NYSE: TBA) (TBA), a publicly traded special purpose acquisition company, to bring to the public markets a highly profitable and scalable business that provides a comprehensive business platform for app developers. The transaction values ironSource at a pro forma equity value of US$11.1 billion, and is supported by a US$1.3 billion oversubscribed Class A ordinary share PIPE led by an affiliate of Thoma Bravo, L.P. (Thoma Bravo), as well as investments from Tiger Global Management, LLC, Counterpoint Global (Morgan Stanley), Nuveen, LLC, Hedosophia, Wellington Management, The Baupost Group, and certain funds managed by Fidelity Investments Canada ULC and other institutional investors. Upon closing of the transaction, the combined company will operate under the ironSource name.
Latham & Watkins represents ironSource in the SPAC transaction. The mergers and acquisitions team was led by New York partner Eyal Orgad, Houston partner Ryan Maierson and New York counsel Michael Vardanian, with New York associates Jennifer Wong, Kyle Adams and Eric Czubiak. The capital markets deal team was led by London partner Josh Kiernan, New York partner Marc Jaffe and London partner Ryan Benedict, with New York associate Katherine Lovejoy, and London associates Sarah Youssefi and Kelsey Glover. Advice was also provided on tax matters by Washington, D.C. partner Nicholas DeNovio, with Washington, D.C. associate Emmanuel Kassim.