Winston & Strawn is Representing Roadzen, Inc.
February 16, 2023
Source: Winston & Strawn
Winston & Strawn is representing Roadzen, Inc., a global insurance technology company, in its announced business combination with Vahanna Tech Edge Acquisition I Corp. (Nasdaq: VHNA), a special purpose acquisition company. Upon the closing of the transaction, the combined company will operate as Roadzen Inc. and expects to be listed on Nasdaq. Roadzen provides B2B AI solutions to the auto insurance market primarily to automakers and fleet operators. The transaction reflects a pre-money equity value for Roadzen of approximately $683 million. The merger is expected to close during the second quarter of 2023, subject to satisfaction of customary closing conditions. Roadzen’s CEO Rohan Malhotra will continue to lead the combined company following the closing of the transaction.
The transaction implies a pro forma equity value post-closing of approximately $965 million. Estimated cash proceeds from the transaction are expected to consist of Vahanna’s $204 million of cash held in trust, assuming no redemptions and prior to the payment of transaction expenses. The proceeds of the transaction are expected to fund Roadzen’s organic growth initiatives and M&A strategy.
Winston Team:
David Sakowitz, Lead Partner, New York
Jason Osborn, Lead Partner, New York
Jeffrey Stern, Lead Partner, New York
Scott Landau, Partner, New York
David Stauber, Partner, New York
Jeremy Jaewon Chang, Associate, New York
Brent Drenon, Associate, New York
Chi-Emeka Egwuagu, Associate, New York
Marissa Sims, Associate, Chicago
Michael Smaila, Associate, New York
Jacob Tabman, Associate, New York
Justin Trapp, Associate, Chicago
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