- Broker-dealer aggregator Wentworth Management Services will go public through a deal with SPAC Kingswood Acquisition (NYSE:KWAC).
- The combined firm will have a pro forma enterprise value of $208M and an implied pro forma equity value of ~$165M.
- The deal is expected to generate gross cash proceeds of ~$30M, assuming no redemptions of cash in trust and an anticipated $15M capital raise.
- KWAC and Wentworth will become wholly-owned units of Binah Capital, which will become a publicly traded firm.
- The combined company is expected to encompass over 1.9K advisors, $25B in AUMs and over $285B in affiliated AUMs.
- The terms of the deal provide that Wentworth's shareholders will maintain their stakes in the company and not receive cash proceeds.
- The deal is expected to close in Q4.
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