Gett announces $1 billion SPAC merger

Global corporate ground travel company Gett announced on Wednesday that it has entered into an agreement to merge with Nasdaq-traded special purpose acquisition company Rosecliff Acquisition Corp I.

Upon completion of the business combination, Gett will become a publicly traded entity under the name “Gett Inc.” and trade under the ticker symbol “GETT.” The transaction reflects an implied pro forma enterprise value at closing of $1 billion. The transaction will provide up to $253 million in gross proceeds from Rosecliff’s trust account, with an additional $30 million in gross proceeds from a fully committed common equity PIPE from Rosecliff’s sponsors and existing Gett shareholders.

The transaction, which has been unanimously approved by the Boards of Directors of both Gett and Rosecliff, is expected to close in the first half of 2022.

Gett has been looking into going public for the past two years, with its CEO already saying back in 2019 that it plans to do so by the end of that year. The company looked into the option of doing an IPO on Nasdaq, in Europe and even on the Tel Aviv Stock Exchange in recent years, but is now heading to the market via a SPAC merger. 

Gett, founded in Tel Aviv in 2010 as Get Taxi, has rebranded itself in recent years from a taxi-hailing company to one working mainly in the enterprise market, optimizing its clients' corporate ground travel needs, from booking and riding to invoicing and analytics.