Haynes and Boone represented WinVest Acquisition, a publicly traded special purpose acquisition company, in its proposed business combination with Xtribe, a UK-based technology platform that aims to revolutionize local e-commerce.
Upon closing, the cross-border transaction would see Xtribe become a publicly listed company on Nasdaq. The proposed business combination is expected to close as soon as Q4/24 and, upon closing, would provide Xtribe with improved access to new sources of capital, accelerate M&A opportunities and fund growth initiatives and development of the core solution portfolio.
“WinVest is excited to provide a launchpad for Xtribe in the U.S. market with a public listing,” Manish Jhunjhunwala, CEO of WinVest, said in a prepared statement. “Xtribe’s goal to drive business for SMEs is inspiring, and we look forward to working with their team to drive this deal to close.”
Under the terms of the business combination, Xtribe is valued at an implied equity value of approximately $141 million, assuming no redemption by WinVest’s existing public stockholders and subject to adjustments.
Haynes Boone capital markets and securities co-chair Matt Fry and mergers and acquisitions partner Brent Beckert led the firm’s legal team. The cross-disciplinary team also included associates Taylor West (capital markets), Allie Pencsak (capital markets) and Ryan Ward (mergers and acquisitions).
