Abacus Settlements, LLC, d/b/a Abacus Life, announced Tuesday an agreement with Longevity Market Assets, LLC and East Resources Acquisition Corp. (ERES), a special purpose acquisition company, to become a publicly listed company.
Upon closing of the deal, the combined company will be named Abacus Life, Inc. and is expected to remain listed on Nasdaq under the new ticker symbol "ABAL."
The combined company will have an estimated post-transaction enterprise value of $618 million, assuming no redemptions by ERES public stockholders.
Cash proceeds from the transaction will consist of up to $98 million of cash held in ERES's trust account, plus any additional cash raised via a private placement prior to closing of the transaction.
The net proceeds from the deal will enable Abacus to lower its cost of capital, scale its Hold Portfolio and begin securitizing policy portfolios.
The companies noted that Abacus owners will roll 100% of their existing equity holdings into the combined company and are expected to own approximately 70% of the combined company on a non-fully diluted basis immediately following the deal closure.
The combination has been unanimously approved by the boards of both ERES and Abacus, and has the voting support of all of the equity holders of Abacus. The deal is expected to close as early as the fourth quarter of 2022, subject to regulatory approvals.
Following the closing of the transaction, the existing management team of Abacus, led by CEO Jay Jackson, will continue to operate and manage Abacus.
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