Azerion Group listed in Amsterdam after SPAC merger

Azerion Group listed in Amsterdam after SPAC merger


Reporting by Toby Sterling; editing by Jason Neely and David Evans

Azerion Group NV, a digital advertising and entertainment company, on Wednesday listed in Amsterdam after its acquisition by a special purpose acquisition company (SPAC) called EFIC1 was completed.

Shares in the new entity traded 2.5% lower at 9.29 euros per share, implying a market capitalization for the company of around 1.04 billion euros ($1.17 billion).

Azerion, founded in 2014 and headquartered in Amsterdam, makes software that automates the purchase and sale of digital advertising, and also makes online games and content.

The company reported revenue of 83.5 million euros and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 17.4 million euros for the third quarter of 2021, its most recent reporting period. It forecasts revenue for the full year 2021 of at least 300 million euros, a rise of around 28% from 2020, when comparing businesses owned in both years.

Co-founder and CEO Atilla Aytekin said Wednesday’s listing was an important step for the company to “enter the public markets and continue to grow and advance our platform.”

Azerion agreed in December to be bought by the SPAC run by former Commerzbank CEO Martin Blessing, formally named European Fintech IPO Company 1 BV.

EFIC1 was listed in March 2021.

As part of the deal, Azerion received 56 million euros to be used for growth and acquisitions.

Some 74.3% of the company’s shares are owned by Principion Holding BV, an entity controlled by its co-founders.

Credit Suisse and ABN Amro advised EFIC1, while Rothschild, Citigroup and Jeffries advised Azerion.

($1 = 0.8857 euros)