Betsy Cohen's SPAC to take tech firm Pico public in $1.75 bln deal

The Nasdaq logo is displayed at the Nasdaq Market site in New York September 2, 2015. REUTERS/Brendan McDermid/File Photo

Aug 4 (Reuters) - Fintech entrepreneur Betsy Cohen's special-purpose acquisition company (SPAC) has agreed to merge with technology services firm Pico in a deal that gives the combined entity an equity value of $1.75 billion, the companies said on Wednesday.

Since last year, Cohen has clinched a series of such deals with high profile names including boutique investment bank Perella Weinberg Partners (PWP.O), payments provider Payoneer (PAYO.O) and Israel's online stock brokerage eToro.

New York-based Pico's deal with Cohen's FTAC Athena Acquisition Corp (FTAA.O) will result in proceeds of $450 million for the combined company, and is supported by a private investment in public equity (PIPE) round of $200 million.

The PIPE investors include Golden Gate Capital and Wellington Management

Pico provides a number of technology services to the financial markets community, including infrastructure hosting and market data. Its customers include Wells Fargo & Co (WFC.N), Goldman Sachs (GS.N) and Tokyo Stock Exchange, among others.

SPACs - publicly-traded companies with no business operations - use the money from their initial public offerings to buy a private company and take it public. FTAC Athena raised $250 million in its IPO in February.

After the transaction closes in late 2021, Pico will trade on the Nasdaq.

Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni and Krishna Chandra Eluri

Our Standards: The Thomson Reuters Trust Principles.