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Payment solutions provider to combine with special purpose acquisition company

Nonbank merchant acquirer Priority Holdings LLC will combine with special purpose acquisition company M I Acquisitions Inc. and be renamed Priority Technology Holdings Inc.

M I Acquisitions will combine with the consumer and commercial payment solutions provider at an enterprise value in excess of $1 billion, based on forecast 2018 pro forma adjusted EBITDA, with an equity value of approximately $690 million.

Priority's current equityholders will roll 100% of their equity into the combined company, resulting in expected pro forma ownership of more than 90%. Priority's management team will continue to lead the company.

The combined company plans to maintain its listing on the Nasdaq Stock Market under the ticker symbol PRTH.

The transaction is expected to close in June.

Cowen and Co. acted as exclusive strategic and financial adviser and Schulte Roth & Zabel LLP served as legal counsel to Priority. Chardan acted as exclusive adviser and Loeb & Loeb LLP acted as legal counsel to M I Acquisitions.