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ironSource (NYSE: IS) Set to Merge with Unity (NYSE: U) in $4.4 Billion Deal

by admin

July 13, 2022

in Technology

ironSource NYSE IS Unity NYSE U Merger Gaming Development Spotlight Growth

ironSource Ltd. (NYSE: IS) operates an app development platform, which enables creators and developers to turn their apps into successful and scalable businesses. Shares of the application development company are rallying 43% through early trading on Wednesday, July 13, 2022. Over the past three months, ironSource has seen average daily volume of 5.97 million shares. However, volume of 120.15 million shares or dollar volume of around $394.09 million, has already exchanged hands through early trading.

Shares of ironSource are surging after the company announced it has entered into a definitive agreement with Unity (NYSE: U), where ironSource will merge with and become a wholly-owned subsidiary of Unity. Under the terms of the transaction, Unity will acquire ironSource in an all-stock deal by offering 0.1089 shares of Unity common stock for each ordinary share of ironSource. This gives the all-stock transaction an approximate value of $4.4 billion.

In conjunction with the merger, Unity’s Board of Directors has authorized a $2.5 billion share repurchase program, which will become effective upon closing of the transaction. Two of Unity’s largest shareholders, Silver Lake and Sequoia, have also committed to investing an additional $1 billion in Unity through convertible notes.

The ironSource-Unity merger would combine Unity’s game engine, editing, advertising offering and services unit with ironSource’s best-in-class mediation and publishing platforms. This gives game developers a full-service approach to creating, growing, monetizing, and expanding their gaming creations throughout its different stages in its lifecycle.

Upon closing, the combined entity would have an annual run rate of $1 billion in adjusted EBITDA by the end of 2024 and an estimated $300 million in annual EBITDA synergies by year three. The transaction is estimated to close during the fourth quarter of 2022, subject to regulatory and shareholder approvals.

“To succeed today, creators need an extensive set of solutions and products working in concert to power amazing user experiences and sustainable business growth,” said Tomer Bar-Zeev, CEO of ironSource. “The combination of Unity and ironSource brings together every product needed to power that flywheel of growth, in a differentiated platform positioned to lead our category and beyond. We couldn’t be more excited about our shared mission to remove obstacles for creators to grow.”

Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/