Paltalk Acquires NewtekOne's Technology Unit

MT Newswires Live

2024/08/12

Paltalk (PALT) said Monday that it would acquire NewtekOne's (NEWT) unit, Newtek Technology Solutions, for $4 million in cash, and 4 million newly issued series A non-voting common equivalent Paltalk preferred shares.

Paltalk said the acquired business offers dedicated server and cloud hosting, data storage, managed security, backup and disaster recovery related services.

The deal values Newtek Technology Solutions at $20 million, based on Friday's closing price for Paltalk common shares of $3.99 each, and will provide NewtekOne with a 30.3% equity stake in Paltalk after it closes during the final quarter of this year or the first three months of next year.

The acquiring company said it expects the deal, once completed, will have an "immediate and meaningful impact" on its revenue.

Price: 3.98, Change: -0.03, Percent Change: -0.75

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