Shares of Exela Technologies (NASDAQ: XELA) soared in morning trading on Monday after the business process automation (BPA) company announced the sale of its European business, XBP Europe, to CF Acquisition Corp. VIII (NASDAQ: CFFE). This transaction values XBP Europe at an enterprise value of $220 million. CFFE is a special-purpose acquisition company (SPAC) sponsored by Cantor Fitzgerald.
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The divestiture is expected to close in the first half of next year. After the close of the divestiture, the combined company will be called XBP Europe Holdings and is expected to trade under the symbol XBP on the Nasdaq.
Exela is expected to indirectly hold a majority of the new public company, XBP Europe Holdings.
