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Bayview Acquisition Corp Announces Entry into a Merger Agreement with Oabay Inc., Creating a Publicly Traded Enterprise Trade Credit Digital Transformation Solutions Company
-Oabay Inc. to receive US$300 million in equity of Oabay Holding Company -Combined company will have an implied initial enterprise value of approximately
About this update from Bayview Acquisition Corp
[{"type":"text","content":" -Oabay Inc. to receive US$300 million in equity of Oabay Holding Company -Combined company will have an implied initial enterprise value of approximately US$393 million. -Transaction anticipated to close in the second half of 2024 New York, NY, June 07, 2024 (GLOBE NEWSWIRE) -- Bayview Acquisition Corp (NASDAQ: BAYA, BAYAU, and BAYAR) (“BAYA”), a special purpose acquisition company, announced the execution of an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which BAYA will undergo a business combination with Oabay Inc. (“Oabay”), which provides trade credit digital transformation solutions, through its wholly owned subsidiary in mainland China. The transaction has been approved by the boards of directors of BAYA and Oabay and is expected to be consummated in late 2024. The closing of the transaction is subject to regulatory approval, approval by the shareholders of BAYA and Oabay and the satisfaction of certain other customary closing conditions. Company Overview Oabay provides trade credit digital transformation solutions that primarily consist of two types of services: supply chain finance cloud services and trade credit management cloud services. Leveraging and building upon its experience in accounts receivable factoring and enterprise credit digitalization for small-to-medium-sized enterprises, Oabay offers supply chain financing to critically and strategically positioned companies, and optimizes the process to produce credit assets within supply chains for financial institutions and other companies with improved efficiency and savings. Oabay has more than ten years of operating history and is a pioneer in the Chinese trade credit technology solutions industry. Key Transaction Terms The transaction will be structured as a business combination involving the following mergers: (a) Bayview Merger Sub 1 Limited, a Cayman Islands exempted company (“Merger Sub 1”) and a wholly-owned subsidiary of Oabay Holding Company, a Cayman Islands exempted company (“PubCo”), will merge with and into BAYA, with BAYA being the surviving entity (the “First SPAC Merger”), (b) immediately following the First SPAC Merger, BAYA will merge with and into Bayview Merger Sub 2 Limited, a Cayman Islands exempted company and a wholly-owned subsidiary of PubCo (“Merger Sub 2”), with Merger Sub 2 being the surviving entity (the “Secon...