The Proposed Transaction brings together industry leading BNPL talent and has the potential to generate substantial synergy benefits to accelerate both companies' path to profitability. leader in the BNPL industry and to drive a high growth ecosystem that brings merchants and customers together. It advances both companies' strategic objectives to be a global and U.S. The Proposed Transaction, which has been unanimously approved by both companies' boards of directors, and the mergers and acquisitions committee of the board of directors of Sezzle, capitalises on Zip and Sezzle's shared mission to financially empower the next generation.
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The combination of Zip and Sezzle is expected to result in pro forma 8.8 million customers and pro forma 60.5k merchants in the U.S. Sezzle also has a long-term installment capability off balance sheet supported by its proprietary technology, and pioneered Sezzle Up, a product that allows users to buy now, pay later while building their credit scores.
Sezzle's payments platform increases the purchasing power for millions of consumers by offering interest-free installment plans at online stores and in-store locations. BNPL player with strength in small and medium businesses (" SMB") supported by omni-channel solutions. Sezzle, a certified B Corp headquartered in the United States (" U.S.") and listed on the ASX, is a U.S. Zip offers innovative solutions and people-centred products that connect millions of customers with its global network of tens of thousands of merchants. With a footprint across 14 geographies, Zip is a global leader in digital retail finance and payments. Zip is a leading global "buy now, pay later" (" BNPL") provider 9, creating innovative, responsible and fair payments products that help businesses grow and allow consumers to take control of their finances. Proceeds of the Placement and SPP will help Zip strengthen its balance sheet and positions Zip for sustainable growth by providing more capital runway to execute on the potential synergies from the Proposed Transaction 8.
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Zip is also pleased to announce a A$148.7 million fully underwritten placement to eligible institutional, professional and sophisticated investors (the " Placement"), and a non-underwritten share purchase plan to eligible Zip shareholders in Australia and New Zealand to raise up to A$50 million (the " SPP") 6,7.
Closing of the Proposed Transaction is expected to occur by the end of the third quarter of CY2022. Upon implementation of the Proposed Transaction and the Placement (as defined below), Zip shareholders will own approximately 78% of the combined group and Sezzle stockholders will own approximately the remaining 22% 5.
The Proposed Transaction values Sezzle at a 22.0% premium based on current spot prices of A$1.78 (Sezzle) and A$2.21 (Zip) as of 25 February 2022, and a 31.7% premium based on a 30-day volume weighted average price (" VWAP") of Sezzle's common stock on the ASX 4. The total consideration for the Sezzle shares in the Proposed Transaction represents an implied value of Sezzle of approximately A$491 million (based on the trading price of Zip ordinary shares on the Australian Securities Exchange (" ASX") as of the close at 25 February 2022) 3. Subject to the satisfaction or waiver of specified closing conditions, Sezzle stockholders will be entitled to receive 0.98 Zip ordinary shares for every share of Sezzle common stock owned (including as represented by a CHESS depository interest (" CDI") in Sezzle) 2. (ASX:SZL) (" Sezzle") are pleased to announce they have entered into a definitive agreement under which Zip has agreed to acquire Sezzle in an all-scrip transaction by way of a statutory merger under the laws of the State of Delaware (the " Proposed Transaction"). 27, 2022 /PRNewswire/ - Zip Co Limited (ASX: Z1P) (" Zip") and Sezzle Inc.
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