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Taboola To List On NYSE Via Merger With ION Acquisition - Quick Facts

Taboola, which powers recommendations for the open web, said Monday it has entered into a definitive merger agreement with ION Acquisition Corp. 1 Ltd. (IACA), a special purpose acquisition company.

Under the deal, ION Acquisition Corp. 1 Ltd. will merge with a wholly-owned subsidiary of Taboola for implied pro forma aggregate valuation of about $2.6 billion.

The combined company will operate under the Taboola name and will trade on the New York Stock Exchange under the new symbol "TBLA". The transaction is expected to close in the second quarter of 2021.

In connection with the transaction, institutional investors have committed to purchase about $285 million of Taboola ordinary shares in a private investment that is expected to close concurrently with the business combination. Of this, about $150 million will be purchased directly from existing shareholders of Taboola, primarily from early investors.

Taboola was founded in 2007 by Adam Singolda, the company's CEO since inception. The company enables digital property owners to harness the value of artificial intelligence or AI-driven recommendations and offers advertisers a way to effectively access users in the open web.

Taboola said that in 2021, it plans to invest more than $100 million in R&D growth initiatives including AI, eCommerce, TV, and device manufacturers.

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