NEW YORK: Worldwide Webb Acquisition Corp. (WWAC), a special purpose acquisition company, announced today that its shareholders voted overwhelmingly to approve its merger with Aeries Technology, a Singapore-based provider of cloud-based solutions for heavy oil applications.
The deal values Aeries at about 3.7 times its EBITDA for the year ending September 30, 2023.
The merger is expected to close on November 6, 2023. The combined company will operate as Aeries Technology, Inc. and will trade on Nasdaq under the symbols “AERT” and “AERTW” starting November 7, 2023.
The merger will enhance the profitability, margin profile, and scale of the combined company, as well as expand its product portfolio and customer base in the heavy oil market, which is a key source of global energy production and security. The combined company plans to leverage its global footprint and infrastructure to deliver Aeries’ differentiated technology to more regions, including the Middle East.
WWAC will fund the cash portion of the deal from its cash on hand, its ABL credit facility, and a $60 million seller term loan, which it may replace with an alternative financing arrangement before closing. WWAC’s lenders have agreed to amend its ABL credit facility to allow the merger and increase the revolving commitments from $179 million to $250 million.
Aeries, founded in 1969 and headquartered in Calgary, has been owned by SCF Partners since 2014. It has about 290 employees across eight locations in North America. WWAC expects Aeries’ employees to continue their tradition of excellent customer service and innovation as part of the WWAC family.
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