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      "text": "Transaction represents $1.4 billion Enterprise Value\nTransaction is attractively priced relative to comparable companies trading multiples and operating metrics\nUse of Proceeds include:\n- $250M to exiting private equity investor - Court Square Capital Partners\n- $213M to management & employees\n- $55M in transaction fees and expenses\n- $259M of cash to the balance sheet\nManagement is fully committed to transaction and is rolling $668M of equity value and will own 52% of the business post merger\n- CEO and Co-Founder is rolling 100% of his total equity stake\n100% Backstop for potential future redemptions",
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      "text": "System1 is an omnichannel customer acquisition platform, delivering high-intent customers to advertisers and to their own subscription products. In the large and growing digital advertising market, System1 is poised for 20%+ organic Revenue growth",
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      "text": "1. Assumes $400M of debt incurred at closing under $400M total commitment\n2. Current majority owner of System1\n3. Assumes zero redemptions\n4. The $518 million of cash held in Trebia's trust account is backstopped for potential redemptions by Trebia public stockholders by a $200 million equity commitment from Cannae, together with a portion of the $400 million BofA Securities debt commitment. These amounts in conjunction with the potential for management to roll an additional $100 million of equity creates a 100% backstop against potential future redemptions.",
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