Exela Technologies Inc.'s European Business To Go Public Through Merger With CF Acquisition Corp. VIII; Transaction Values The European Business At An Enterprise Value Of $220M
XBP Europe, Inc. (“XBP Europe”), the European business of Exela Technologies Inc. (NASDAQ:XELA, XELAP))) (“Exela”) and CF Acquisition Corp. VIII (NASDAQ:CFFE) (“CFFE”), a special purpose acquisition company sponsored by Cantor Fitzgerald, today announced that they have entered into a definitive merger agreement. After closing, the combined company will be called XBP Europe Holdings, Inc. and is expected to be publicly listed on Nasdaq under the symbol XBP. Until the closing of the transaction, shares will trade on Nasdaq under the symbol CFFE. XBP Europe is a pan-European integrator of bills and payments connecting buyers and suppliers, across industries and sizes, to optimize the clients’ bills and payment processes in order to advance digital transformation, improve market wide liquidity and encourage sustainable business practices.
Par Chadha, Executive Chairman of Exela, indirect parent company of XBP Europe, said, “We are pleased to announce the merger agreement with CFFE following the Letter of Intent announced in late August. We continue to execute our strategy in some very difficult market conditions and look forward to communicating additional milestones.”
Howard Lutnick, Chairman and CEO of CF Acquisition Corp. VIII, stated, “We are excited about this transaction, which will enable XBP Europe to further accelerate its mission to enhance the payments ecosystem across the European continent.”
Transaction Details
The Board of Directors of each of Exela and CFFE have approved the transaction. The transaction will require the approval of the stockholders of CFFE, and as a result is expected to close sometime in the first half of 2023. The transaction is subject to customary closing conditions, several of which are outside the control of the parties, and there can be no assurance as to whether or when a closing will occur. The transaction values XBP Europe at an initial enterprise value of $220 million. Additional information about the proposed transaction, including a copy of the merger agreement and an investor presentation, will be available in a Current Report on Form 8-K to be filed by each of CFFE and Exela with the U.S. Securities and Exchange Commission (the "SEC") and at www.sec.gov. A copy of the investor presentation will be available shortly under Presentations at http://exelatechnologies.gcs-web.com/news-and-events/presentations.