San Mateo’s travel tech firm Mondee nears $1 billion SPAC deal to go public

• Home
• business

Mondee Inc., the San Mateo, California-headquartered travel tech firm, had been closing in on a merger with a blank-check firm in a bid to go public, while the SPAC merger would value the travel-tech firm at a lump-sum of $1 billion, a Wall Street Journal news report had unveiled late on Sunday citing sources familiar with the subject-matter who wished to remain anonymous given the extent of sensitive nature of the issue.

Aside from that, the Wall Street Journal news report had quoted an unnamed source familiar with the issue as saying that the Californian travel technology firm had reached a preliminary accord to merge with a SPAC (Special Purpose Acquisition Company) ITHAX Acquisition Corp, while a deal could be announced as early as by Monday.

On top of that, according to the financial terms of the deal, proceedings of a roughly $1 billion SPAC merger will initially fetch about $50 million for Mondee in form of public equity from funds affiliated with Morgan Stanley Investment Management alongside other investors as part of the deal.

Nevertheless, a spokeswoman for Mondee neither declined nor acknowledged the feasibility of Sunday’s Wall Street Journal news report, however, the San Mateo-based travel tech firm had declined to disclose whether it would shelve an influx of fresh capitals as a part of the deal.

Mondee Inc reaches $1bn SPAC merger to go public

Aside from that, latest move from Mondee to go public through an SPAC merger deal came forth just weeks after a travel-booking services provider, American Express Global Business, had announced an SPAC merger with Apollo Strategic Growth Capital, valuing the merged entity at a whopping $5.3 billion.

Since Mondee Inc’s inception back in the 2011s, the travel technology firm had taken over several platforms in a booming travel tech industry including Cosmopolitan Travel Services alongside Rocketrip among others.