MNG Airlines and Golden Falcon Acquisition Corp. announced the filing of a Registration Statement on Form F-4 with the SEC, detailing their proposed business combination. This transaction aims for MNG Airlines to become publicly listed on the NYSE under symbol 'MNGA' upon completion. The combined entity is projected to have a proforma enterprise value of $676 million, contingent on a minimum gross transaction proceeds of $30 million. The completion of the merger depends on SEC approval, stockholder consent, and typical closing conditions. Key advisors include UBS Investment Bank and Moelis & Company, supporting Golden Falcon. MNG Airlines, operational since 1996, services over 15,000 corporate clients across 42 countries with more than 3,500 flights annually.
The board of MNG Havayolları ve Taşımacılık A.Ş. (MNGA) plans to distribute a cash dividend of TRY 662 million (TRY 16.76 per share) for FY 2022, pending shareholder approval. This equates to approximately $35 million ($0.89 per share). Following a proposed merger with Golden Falcon Acquisition Corp (GFX), if the $30 million cash condition is met, the dividend could equate to $0.55 per share, yielding 5.5%. MNGA intends to maintain consistent future dividends while maximizing payouts within regulatory limits. The company's CEO expressed confidence in ongoing profitability.
Golden Falcon Acquisition Corp. (NYSE: GFX) announced the confidential submission of a draft Registration Statement on Form F-4 to the SEC on February 14, 2023, regarding its proposed business combination with MNG Havayollari ve Tasimacilik A.S. (MNG Airlines). The boards of both companies have approved the deal, which is anticipated to close in the first half of 2023, pending stockholder approval and fulfillment of customary closing conditions. Upon completion, MNG Airlines is set to trade under the ticker symbol "MNGA." This merger aims to combine resources and expertise to enhance operational capabilities.
MNG Airlines reported strong preliminary unaudited financial results for the full year 2022, showcasing a significant revenue increase to $359.3 million, up 24% from $289.7 million in 2021. Profit also rose 32% to $66.7 million, achieving a profit margin of 19%. Adjusted EBITDA slightly decreased to $110.1 million, maintaining a robust margin of 31%. Key growth drivers included an 85% rise in cargo ton kilometers from Asia, with e-commerce revenue jumping 59% to $81.5 million. The company also reduced gross debt by $24.4 million to a total of $82.5 million.
Golden Falcon Acquisition Corp. (GFX) announced the adjournment of its Special Meeting originally scheduled for December 16, 2022, to December 20, 2022. The meeting aims to vote on four proposals, including an amendment to extend the deadline for completing a business combination to June 22, 2023. Other proposals include re-electing two board directors and ratifying their independent auditor for fiscal 2022. Stockholders are encouraged to submit or change their proxies ahead of the meeting, which remains open for questions via their proxy solicitor.
MNG Airlines has announced a definitive agreement to become publicly traded through a business combination with Golden Falcon Acquisition Corp (GFX). The transaction, expected to close in the first half of 2023, values MNG Airlines at an estimated $676 million, based on a 5.8x multiple of its last twelve months (LTM) Adjusted EBITDA. The airline reported a 39% year-on-year revenue increase to $353 million for the LTM, with a net income of $61 million. MNG Airlines aims to use its new public status to unlock growth opportunities and enhance shareholder value.