Benzinga | Dec 2, 2021 07:09AM EST

Experiential Hospitality Brand Selina To Become Publicly-Traded Through Merger With BOA Acquisition Corp.; Combined Company To Have An Equity Value Of Approximately $1.2B

Largest Hospitality brand targeted to Millennial and Gen Z travelers, Selina is scaling rapidly to capitalize on an estimated $350 billion annual market opportunity

Combined company to have an equity value of approximately $1.2 billion

The business combination provides $285 million in gross cash proceeds, including $70 million in capital commitments comprising PIPE investments from leading institutional investors including South Light Capital (an affiliate of DigitalBridge), MORE Investment House and Sir Ronald Cohen, alongside PIPE and backstop commitments from BOA's sponsor and founder-led shareholders

Proceeds will allow Selina to fuel international expansion, invest in proprietary technology, and attract and retain high-quality talent

Selina expects to be EBITDA positive by Q1 2023 and generate approximately $1.2 billion in revenue by 2025

Investor call scheduled for December 2 at 8:00 a.m. ET