Payoneer to Go Public in $3.3 Billion Business Combination with FTAC Olympus Acquisition

February 05, 2021

San Francisco and Atlanta – Paul Hastings LLP, a leading global law firm, announced today that it advised Payoneer on its combination with FTAC Olympus Acquisition Corp., a publicly traded special purpose acquisition company, and plan for reorganization. Upon closing of the reorganization, the newly created holding company will be renamed Payoneer Global Inc. and the combined company will operate as Payoneer, a U.S. publicly listed entity. Payoneer Global Inc. is expected to have an implied estimated enterprise value of approximately $3.3 billion at closing, based on current assumptions.

Payoneer Inc. is a leading global payment and commerce-enabling platform, which powers growth for millions of digital businesses worldwide. Payoneer’s secure, regulated platform offers a global, multi-currency account to businesses of any size around the world, enabling them to pay and get paid globally as easily as they do locally.

The cash component of the purchase price to be paid to the equity holders of Payoneer is expected to be funded by FTAC Olympus’ cash in trust (minus any redemptions by FTAC Olympus' existing public stockholders), as well as by a $300 million private placement raised at $10.00 per share. The transaction is expected to close during the first half of 2021, subject to subject to customary closing conditions and certain regulatory approvals.

The Paul Hastings team advising Payoneer was led by partners Thomas Brown and Sara Weed, and included associates Paul Yu, Suman Tharani, and Kelly Lersch.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.