MNG Airlines, a global logistics provider and e-commerce enabler, has entered into a definitive agreement to become publicly traded via a business combination with Golden Falcon Acquisition Corp., a special-purpose acquisition company. The transaction is anticipated to close in the first half of 2023, after which MNGA will be listed on the New York Stock Exchange under the ticker symbol ‘‘MNGA’’. As a public company, MNGA is expected to gain increased financial flexibility, and to be well-positioned to unlock new growth possibilities and maximize value creation.
Ali Sedat Özkazanc, CEO of MNGA, stated, that the company sees significant value creation potential from becoming a publicly listed company in the U.S., with the anticipation that it will enable transformative commercial agreements, generate an acquisition currency, and align organization incentives with shareholders.
Murathan Gunal, Chairman of MNGA and CEO of MAPA Group, added, MNG Airlines is an international company today with a global presence including multinational corporate clients in the U.S., Asia, and Europe. MNGA celebrated 25 years of operational excellence and listing on the NYSE is a natural step in its company’s history.
Gunal added that MNGA is delighted about delivering on the anticipated value-creation opportunity in the future.
MNG Airlines is based in Istanbul started operations in 1996 and is a part of the Mapa Group conglomerate. It serves over 15,000 corporate customers across 41 countries through over 3,500 flights per year.
For the three months ended 30 September 2022, the Company’s revenue increased by 47% year-on-year to $90 million, net income of $26 million, and Adjusted EBITDA of $27 million (30% margin). Previous twelve months revenue increased by 39% year-on-year to $353 million, net income of $61 million, and Adjusted EBITDA of $116 million (33% margin). Adjusted EBITDA margin for the previous twelve months has enhanced by 400 basis points as compared with 2019, and revenue has increased at a 37% compound annual growth percentage during this period.
Ever since its IPO in December 2020, the Golden Falcon management team assessed over 500 potential targets. Earlier to implementing the Business Combination Agreement with MNGA, the Golden Falcon team performed extensive due diligence during the past ten months, backed by its advisor UBS Investment Bank. To closely align incentives with the Company and existing shareholders, the Golden Falcon team has come to an agreement to subject over 90% of sponsor shares obtained as merger concerns to a vesting strategy.
The proposed business combination, which has been collectively authorized by both the Board of Directors of Golden Falcon and the Board of Directors of MNGA, is anticipated to close in the first half of 2023, subject to approval by Golden Falcon’s stockholders and other regular closure terms.
About MNG Airlines
MNG Airlines is a global logistics provider and e-commerce enabler which concentrates on quality, reliability, and customer satisfaction. The company started operations in 1996, having operated its first intercontinental flight in 1998, and now services more than 15,000 corporate customers across 41 countries across more than 3,500 flights per year. MNG Airlines extends charter services with customized plane and capacity opportunities in addition to scheduled flights and aircraft, crew, maintenance, and insurance (ACMI) services. Since 2000, MNG Airlines also has had a fully equipped and EU standards-compliant warehouse.
MNG Airlines, which set out its activities in 1996, operates in Germany, England, France, the United States of America, the United Arab Emirates, Italy, China, and Kazakhstan with scheduled cargo flights as the only national private airline.
About Golden Falcon Acquisition Corp.
Golden Falcon Acquisition Corp. is a New York Stock Exchange-listed special-purpose acquisition company.
Golden Falcon management’s combined experience consists of over 100 years of investment banking, private equity, and executive management experience and over 230 transactions with an aggregate value of more than $450 billion worldwide. Golden Falcon creates an intercontinental network of associations with entrepreneurs, large corporations, sovereign wealth funds, family-owned businesses, venture capital, private equity, and asset management firms to help finance, support, and expand its business combination partner.
Furthermore, Golden Falcon’s board members and strategic advisory group bring extensive expertise in operating, financing, and investing in leading companies. They have held leadership positions with multinational corporations, where they established a proven record of creating shareholder value, organically as well as through strategic transactions.