DJ Netfin to Combine With Fintech Company Triterras
By Matt Grossman
Netfin Acquisition Corp. said Monday it will combine with Triterras Holdings Pte. Ltd. to make Triterras a publicly traded company.
The deal with Netfin, a blank-check company, values Triterras at about $670 million, Netfin said. Blank-check companies are companies that exist with the purpose of merging with other entities. The deal is expected to close in the third quarter of 2020.
Triterras, founded in 2012, runs the Kratos marketplace, a commodity-trading and trade-finance platform.
"Triterras fits the ideal criteria for the type of asset we have been seeking in our fintech SPAC mandate," said Marat Rosenberg, president and director of Netfin, referring to Netfin's role as a special-purpose acquisition company, another phrase for blank-check companies.
In its 2019 fiscal year, Triterras' net income was $46 million, Netfin said. Netfin said the figure is projected to more than double by fiscal year 2021.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
June 29, 2020 09:08 ET (13:08 GMT)
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