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Unity PR Confirms Merger Agreement With ironSource

Benzinga Real-time News ·  Jul 13, 2022 06:46
  • Highly accretive merger is expected to deliver a run rate of $1 billion in Adjusted EBITDA by the end of 2024, and $300 million in annual EBITDA synergies by year three.
  • All-stock transaction values ironSource at approximately $4.4 billion, representing a 74% premium to the 30-day average exchange ratio.
  • Unity Board authorizes a share buyback program of up to $2.5 billion effective upon closing of the transaction.
  • Silver Lake and Sequoia, the two largest Unity shareholders, have committed to investing an aggregate $1 billion in Unity in the form of convertible notes to be issued at closing of the transaction.
  • ironSource reaffirms second quarter and full-year 2022 guidance provided during its first quarter earnings call; Unity expects second quarter financial results to be slightly higher than the top end of the guidance range provided during its first quarter earnings call; Unity reduces full-year 2022 revenue guidance from $1,350 - $1,425 million to $1,300 - $1,350 million.
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