ironSource Comments on Unity Board’s Rejection of Unilateral, Non-Binding Proposal by AppLovin
ironSource supports the merger with Unity after Unity's Board rejected an unsolicited proposal from AppLovin. The merger aims to enhance synergies and profitability, projecting $1 billion in Adjusted EBITDA by the end of 2024 and $300 million in annual synergies by year three. The Board remains committed to completing the merger in Q4 2023, emphasizing the strategic value for shareholders and customers.
- Unity's rejection of AppLovin's bid strengthens the case for the merger with ironSource, indicating higher strategic value.
- Projected $1 billion in Adjusted EBITDA by 2024 enhances investor confidence.
- Expected $300 million in annual EBITDA synergies post-merger will drive profitability.
- Risks related to merger completion, including regulatory approvals and shareholder votes, create uncertainty.
- Forward-looking statements may not materialize as anticipated, posing risks to financial projections.
ironSource believes combination of Unity and ironSource is in best interests of both companies’ shareholders
Board of Directors of ironSource continues to recommend the highly strategic combination announced
Creator-centric offering, with unique end-to-end platform, will provide everything creators need to succeed
“Unity’s rejection of AppLovin’s unilateral bid confirms the superior strategic value of the merger with ironSource. Together, Unity and ironSource will be stronger, more profitable, and better able to optimize both the Create and Operate sides of the business to deliver everything creators need to succeed.
“The deep synergies driving the ironSource-Unity merger extend across the entirety of both companies’ platforms and offerings and underpin our strong financial projections of
“The Board of Directors of ironSource remains committed to completing this strategically and financially compelling combination in the fourth quarter of this year and is confident it will create superior value for shareholders, customers, and employees.”
About ironSource
ironSource is a leading business platform for the App Economy. App developers use ironSource's platform to turn their apps into successful, scalable businesses, leveraging a comprehensive set of software solutions which help them grow and engage users, monetize content, and analyze and optimize business performance to drive more overall growth. The ironSource platform also empowers telecom operators to create a richer device experience, incorporating relevant app and service recommendations to engage users throughout the lifecycle of the device. By providing a comprehensive business platform for the core constituents of the App Economy, ironSource allows customers to focus on what they do best, creating great apps and user experiences, while enabling their business expansion in the App Economy. For more information please visit www.is.com
Cautionary Statement Regarding Forward-Looking Statements
This communication includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as “will,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. These statements are based on current expectations, estimates and projections about the industry and markets in which Unity (“Unity”) and ironSource (“ironSource”) operate and management’s beliefs and assumptions as to the timing and outcome of future events, including the transactions described in this communication. While Unity’s and ironSource’s management believe the assumptions underlying the forward-looking statements are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond management’s control. These risks and uncertainties include, but are not limited to the expected timing and likelihood of completion of the proposed transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the outcome of any legal proceedings that may be instituted against the parties and others following announcement of the merger agreement; the inability to consummate the transaction due to the failure to obtain the requisite stockholder approvals or the failure to satisfy other conditions to completion of the transaction; risks that the proposed transaction disrupts current plans and operations of Unity and ironSource; the ability to recognize the anticipated benefits of the transaction, including anticipated synergies; the amount of the costs, fees, expenses and charges related to the transaction; Unity’s expected stock buyback occuring as planned or at all; Unity’s ability to meet revised financial guidance; and the other risks and important factors contained and identified in Unity’s and ironSource’s filings with the
There can be no assurance that the proposed transaction will in fact be consummated. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. Neither Unity nor ironSource is under any duty to update any of these forward-looking statements after the date of this communication, nor to conform prior statements to actual results or revised expectations, and neither Unity nor ironSource intends to do so.
Important Information for Investors and Stockholders
In connection with the proposed transaction, Unity has filed with the
Investors and shareholders may obtain free copies of the registration statement and the joint proxy statement/prospectus (if and when it becomes available) and other relevant documents filed by Unity and ironSource with the
Participants in Solicitation
Unity, ironSource and their respective directors and executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of Unity is set forth in its proxy statement for its 2022 annual meeting of stockholders, which was filed with the
No Offer or Solicitation
This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
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Media Contacts
Kekst CNC
Nathan.Riggs@kekstcnc.com/Tom.Davies@kekstcnc.com
Investor Relations contact:
Head of Investor Relations
Daniel.amir@is.com
Source: ironSource
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