: The Beneficient Co. to go public via merger with SPAC Avalon Acquisition in deal valued at .5 billion #FinanceUSA #StockMarketNEWS The Beneficient Co. Group, a provider of liquidity and related
@stockMarketNEWS 8 Days ago
The Beneficient Co. to go public via merger with SPAC Avalon Acquisition in deal valued at .5 billion #FinanceUSA #StockMarketNEWS
The Beneficient Co. Group, a provider of liquidity and related services for investors in alternative assets, is going public via a merger with special purpose acquisition corporation Avalon Acquisition Inc. in a deal valued at .5 billion. Beneficient has financed transactions to deliver liquidity on about .1 billion in net asset value of alternative assets since 2017, including about 3 million worth in the last 12 months, Avalon said in a statement. "We are working to democratize the industry starting with a simple, secure, rapid and cost-effective solution to what we saw as the most foundational and pressing need: liquidity," Beneficient founder and chief executive Brad Heppner said in the statement. Heppner will continue to lead the company after previously founding and/or acquiring 10 alternative asset operating companies, including The Crossroads Group and Capital Analytics. That was after working in alternatives at Bain & Co. and The MacArthur Foundation over a 30-year career. The deal is expected to close in the first half of 2023, at which point the company will be renamed Beneficient and listed on Nasdaq.