AppLovin proposes all-stock merger with Unity valuing Unity at $58.85/share; updates 2022 guidance

AppLovin Corp

All-stock deal values Unity at $20B enterprise value, $58.85/share – an 18% premium to 8/8/2022 close.
Unity shareholders would own ~55% of combined co (49% voting); AppLovin holders ~45% (51% voting).
Combined targets >$7B run-rate revenue and >$3B run-rate Adj. EBITDA by end 2024E; $700M+ synergy by 2025E.
Unity CEO John Riccitiello to become CEO of combined firm; AppLovin CEO Adam Foroughi to become COO.
FY2022 Apps revenue outlook lowered to $1.70-1.85B from $2.00-2.15B; Software Platform & EBITDA guidance unchanged.

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