AMSTERDAM (Reuters) – 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 4.4% lower at 9.12 euros per share, implying a market value for the company of 1.64 billion euros ($1.86 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.
Co-founder and CEO Atilla Aytekin said it 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.
($1 = 0.8857 euros)
(Reporting by Toby Sterling; editing by Jason Neely)
