XBP Europe, Inc. entered into a definitive merger agreement to acquire CF Acquisition Corp. VIII from CFAC Holdings VIII, LLC and others in a reverse merger transaction for approximately $240 million.
The transaction is subject to the approval of the stockholders of CF Acquisition; regulatory approval; all waiting or other periods having been made, obtained or having expired or been terminated, as applicable; the shares of Class A Common Stock to be issued under the Merger Agreement having been approved for listing; execution of ancillary agreements; and other customary closing conditions. The Board of Directors of each of Exela and CF Acquisition have unanimously approved the transaction. Transaction is expected to close in the first half of 2023. Cantor Fitzgerald & Co. acted as financial advisor and Ken Lefkowitz and Michael Traube of Hughes Hubbard & Reed LLP acted as legal advisors to CF Acquisition. Maurice Lefkort and Sean Ewen of Willkie Farr & Gallagher LLP acted as legal advisors to XBP Europe. CF Acquisition Corp. VIII engaged Morrow Sodali, LLC to assist in the solicitation of proxies for the Special Meeting and agreed to pay Morrow Sodali a fee of $15,000 in connection with such services in connection with the Special Meeting.