SPACInsider Logo
Cartesian Growth (GLBL) Shareholders Approve Tiedemann Group and Alvarium Investments Deal
by Marlena Haddad on 2022-11-17 at 3:09pm

Cartesian Growth Corporation (NASDAQ:GLBL) announced this afternoon that its shareholders have approved its business combination with wealth management firms Tiedemann Group and Alvarium Investments during a special meeting held earlier today.

The SPAC did not disclose redemption amounts, but the share price of GLBL briefly spiked to a high of $28.49 yesterday on volume of 1,183,779 shares. GLBL’s share price has since come down and is currently trading today near $10.27.

Additionally, Cartesian stated that the closing-related processes are “underway, but in the interest of merger-accounting simplicity, the closing will not occur until January 3, 2023, after the end of the 2022 fiscal year.” However, there was no explanation as to why there is a potential six-week delay to close this combination. Plus, whether the redemptions will happen in 2022 or would happen concurrently with the closing in 2023, which would subject it to the 1% excise tax.

Upon closing, the combined company will operate as Alvarium Tiedemann Holdings and its common stock and warrants are expected to be listed on Nasdaq under the ticker symbols “GLBL” and “GLBLW”, respectively.

The parties initially announced their $1 billion combination on September 20, 2021. The two firms serve as alternative asset managers to clients on four continents and are expected to have about $60 billion in assets under management by the end of 2021.


ADVISORS

  • Piper Sandler & Co. is serving as financial advisor to the Tiedemann Group.
  • Seward & Kissel LLP is serving as legal counsel to the Tiedemann Group.
  • The Asset & Wealth Management Investment Banking Group of Raymond James & Associates, Inc. and Spencer House Partners LLP are serving as financial advisors to Alvarium.
  • Goodwin Procter LLP is serving as legal counsel to Alvarium.
  • Cantor Fitzgerald & Co. is serving as capital markets advisor to Cartesian Growth Corporation.
  • BofA Securities is serving as financial advisor and capital markets advisor to Cartesian.
  • Greenberg Traurig, LLP is serving as legal counsel to Cartesian.
Recent Posts
by Nicholas Alan Clayton on 2022-12-09 at 11:56am

Better World (NASDAQ:BWAC) has entered into a definitive agreement to combine with Heritage Distilling at an enterprise value of $122.2 million. Gig Harbor, Washington-based Heritage produces craft whisky, vodka, rum, gin, and canned cocktails, which it sells primarily through casinos and its owned tasting rooms in the Pacific Northwest. The combined company is expected to...

by Marlena Haddad on 2022-12-09 at 11:44am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Southland awarded $70M contract for Denver International Airport expansion project, and Bakkt reduces 15% of employee base Southland Awarded $70 Million Denver International Airport West Gates Pond Expansion Project Southland Holdings, LLC (“Southland”)...

by Marlena Haddad on 2022-12-09 at 11:09am

Altitude Acquisition Corp. (NASDAQ:ALTU) announced this morning that it has signed a non-binding letter of intent (LOI) to combine with a global medical device manufacturer. The SPAC originally teased this deal on October 4, the same day as its redemption deadline, when it announced it was in negotiations to sign a LOI with the medical device...

by Marlena Haddad on 2022-12-09 at 9:48am

InterPrivate II (NYSE:IPVA) disclosed this morning that its shareholders have approved its business combination with car-sharing marketplace Getaround during a special meeting held on Wednesday, December 7. The combined company raised approximately $228 million in gross proceeds through the deal, including the amounts retained in InterPrivate II’s trust account, the conversion of approximately $37.5 million of...

by Marlena Haddad on 2022-12-09 at 9:35am

10X Capital Venture Acquisition Corp. III (NYSE:VCXB) included in an 8-K this morning that it has signed a non-binding letter of intent (LOI) to combine with Sparks Energy. Sparks is a leader in storm response and energy restoration management with qualified crews for overhead and underground distribution, transmission, substation and row operations. However, the 8-K mainly...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved