Crystal Peak SPAC plans to merge with telecom operator IMC

Cayman Islands-based Crystal Peak, a special purpose acquisition company, or “SPAC”, said on Saturday it plans to combine with a telecommunications company called IMC in a deal that will value the combined company at $450 million.

Crystal Peak raised $150 million in June 2021 with the goal of buying a “European technology company”. The deal with IMC is to be completed before a June 2023 deadline.

IMC, or Internet Mobile Communications Ltd., headquartered in Chelmsford, Britain, offers customers a marketplace to buy and sell voice and text message services. It had revenues of 348.3 million pounds in the year ended June 2022, and earnings before interest, taxes, depreciation and amortisation (EBITDA)of 16.2 million pounds, the statement said.

Crystal Peak founder Michael Tobin will join the board of IMC. IMC CEO Mark Steward will continue in his job, the companies said. Reuters