August 19, 2022
Chicago 12, Melborne City, USA
Travel

Mondee Attracts Funding from Travelport Homeowners for SPAC Deal

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Journey know-how consortium Mondi has attracted an extra $ 20 million funding to succeed in out to the general public by way of a merger with special-purpose acquisition firm Ithax Acquisition Corp.

The extra funding, above $ 50 million introduced earlier this yr, brings the full personal funding in public fairness to $ 70 million for consolidation. Though Ithax and Mondee, whose portfolios include each leisure- and corporate-centric manufacturers together with Rockettrip, didn’t establish buyers within the funding press launch, the Monetary Instances reported on Sunday that buyers additionally embody house owners of hedge fund Elliott Administration and Siris Capital, Travelport.

The variety of SPAC transactions has elevated lately, together with within the journey trade, comparable to American Categorical International Enterprise Journey, Sevent and Wheels Up – the Monetary Instances famous that the market has slowed down attributable to poor efficiency of some contracts and rising regulatory pressures. Makes it laborious to do. In line with the Monetary Instances, as of this yr, 21 SPAC consolidation agreements have been dropped, in comparison with solely three in the identical interval in 2021.

“Creating vital further funding in our transactions in an all-equity pipe at $ 10 in such a difficult surroundings for SPAC and PIPE transactions underlines Mondee’s strengths as a compulsory journey know-how funding,” Ithax CEO Orestes Fintiklis mentioned in an announcement. “Mondi Journey is a confirmed performer within the tech area, we consider, an awesome runway to develop market share each organically and thru consolidation and acquisition.”

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