Outbrain closes Teads acquisition for $625M cash + 43.75M shares; raises synergy target to $65-75M

Teads Holding Co.

Closed Teads acquisition on Feb 3, 2025; amended consideration: $625M cash (down from $725M) and 43.75M common shares.
New $625M bridge loan (maturing Feb 2026) and $100M revolving credit facility; prior SVB credit agreement repaid and terminated.
Preliminary combined 2024 revenue ~$1.507B, Ex-TAC gross profit ~$622.7M, Adjusted EBITDA ~$160M.
Annual synergy expectation raised to $65-75M in FY2026 (from $50-60M); ~$60M cost synergies including ~$45M compensation.
Restructuring plan with $20-25M charges (primarily severance); board expanded from 9 to 11 directors for Altice designees.

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