Israel's eToro, Betsy Cohen-backed SPAC end $8.8 billion merger deal

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:Israel's online brokerage eToro and Betsy Cohen-backed blank-check company FinTech Acquisition Corp have mutually agreed to terminate their merger deal more than a year after it was announced, the companies said on Tuesday. Decades-high inflation and worries over a recession have drained U.S. markets and

:Israel's online brokerage eToro and Betsy Cohen-backed blank-check company FinTech Acquisition Corp have mutually agreed to terminate their merger deal more than a year after it was announced, the companies said on Tuesday.

Dealmaking in the SPAC market has also been stifled by tightening regulatory scrutiny and high investor redemptions, while a steep decline in share prices of companies such as Grab Holdings Ltd and BuzzFeed Inc that went public through SPACs mergers has also soured sentiment. The deal announced in March last year was amended in December to lower eToro's valuation by more than 15 per cent to $8.8 billion. The companies had also agreed to extend the deadline to close the deal by June 30.

 

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