eToro Confirms Public Listing via SPAC Merger

eToro, an Israeli social trading and multi-asset brokerage company, confirmed on Tuesday that it will merge with Special Purpose Acquisition Company (SPAC) FinTech Acquisition Corp. V for publicly listing its shares on Nasdaq.

According to the official announcement, the merged companies will operate as eToro Group Ltd, and the estimated implied equity value will be around $10.4 billion at closing. The combined companies will raise $650 million from private placement in the public equity and $250 million from FinTech V's cash in trust. Additionally, private investors including ION Investment, Softbank and Fidelity will receive the equity at $10 per share.

Though the boards of both eToro and SPAC approved the deal, it is now pending shareholders' approval and is expected to close in the third quarter of 2021.