Digital advertising platform Taboola is on its way to the New York Stock Exchange, with a person familiar with the move telling Calcalist under the condition of anonymity that it has signed a deal to merge with ION Asset Managment’s special-purpose acquisition company (SPAC). ION Acquisition Corp 1 Ltd. raised $259 million in its initial public offering on NYSE in October with the goal of "meeting with Israeli tech and innovation driven companies to find a suitable partner for a merger," according to the company.
Taboola will receive access to the SPAC funds and will raise an additional investment via PIPE investments (private investment in public equity). As soon as the merger is approved by the shareholders of the SPAC, Taboola's shares will be traded on NYSE. Taboola's valuation in the deal is estimated at $2.5 to $3 billion. Credit Suisse accompanied Taboola in the deal.