Davis Polk is advising Taboola on its $2.6 billion merger with ION Acquisition Corp. 1 Ltd., a special purpose acquisition company. In connection with the transaction, Taboola secured approximately $285 million in PIPE financing from institutional investors that have committed to fund more than 20% of the PIPE. The combined company will operate under the Taboola name and will trade on the NYSE under the new symbol “TBLA”. The transaction is expected to close in second quarter of 2021.
Taboola’s platform, powered by artificial intelligence, is used by digital properties, including websites, devices and mobile apps, to drive monetization and user engagement. ION is a special purpose acquisition company (SPAC) incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
The Davis Polk corporate team includes partners Michael Kaplan and Lee Hochbaum and associates Chris Van Buren, Jessica Brodman and John H. Runne. Counsel David Mollo-Christensen and associate Justin Alexander Kasprisin are providing executive compensation advice. The tax team includes partner David H. Schnabel and associate Aliza Slansky. Partner Arthur J. Burke is providing antitrust and competition advice. All members of the Davis Polk team are based in the New York office.