BWIV merger with Maha Capital AB
Maha Capital AB is a Stockholm-based publicly listed company with a diversified portfolio of energy-related assets and financial technology operations (Sweden)
Announced 28 April 2026.
Non-binding letter of intent only — NOT a definitive agreement. Target named but no signed BCA. Verified vs EDGAR.
Structure & dilution
SEC-primary termsThe headline number ignores the shares that did not pay $10 — the founder promote, PIPE stock and warrants. This is the same deal with all equity claims counted.
An effective (post-dilution) figure needs either a stated pro-forma share count or the headline value plus the promote terms; the filings we hold do not yet state enough, and we will not print an estimate built on inventions.
Why headline and effective values differ is covered in headline vs effective deal value, in plain English.
The target: Maha Capital AB
from 425 EX-99.1 (press release)The business actually being bought — described from SEC primary filings, with projections labelled as projections.
Maha Capital AB is a Stockholm-based publicly listed company with a diversified portfolio of energy-related assets and financial technology operations. Its subsidiaries hold exposure to Venezuelan energy-related assets that may operate under authorizations issued by the U.S. Office of Foreign Assets Control, including General License 52, and a financial technology platform applying AI-driven underwriting and risk analytics to business-to-business credit and payments for small and medium-sized enterprises, particularly in Latin America and Canada.
Maha Capital AB — every SPAC that has bid for it, and its listed peers
Expensive or cheap?
A price only means something next to what the same kind of business costs on the stock market. This divides what the buyers are paying by what Maha Capital AB actually sells, and sets the answer against its closest listed comparables — or says plainly when that cannot be done.
SpacBrain’s read on the price
No multiple can be computed
We hold no revenue figure in US dollars for Maha Capital AB, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $490M regardless.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
Announced equity value (net debt unknown).
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
No listed comparable carries a revenue multiple we can use.
What qualifies the figures above
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- AIG, PAYP, BANX, PICS, IPO-CONU, OCCI, ASIC, GPN, RPAY, AGO, PAGS, OSG have no revenue to divide by, so they are shown but left out of the peer median.
The 12 listed companies it is measured against, and why
- AIGno revenue multiple
Direct comp: Property & Casualty Insurance (NEC); mega-cap ($51.9bn); shares authorizations, latin, america, general, assets, canada with the target's own description; forward EV/Sales 1.6x.
- PAYPno revenue multiple
Operational comp: Transaction & Payment Services; mega-cap ($2.29tn); shares credit, payments, financial, driven, related, platform with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- BANXno revenue multiple
Operational comp: Closed End Funds; micro-cap ($170m); shares issued, foreign, plus, assets, diversified, capital with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- PICSno revenue multiple
Operational comp: Transaction & Payment Services; shares payments, credit, sized, financial, medium, small with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- IPO-CONUno revenue multiple
Operational comp: Closed End Funds; shares issued, assets, credit, may, diversified, related with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- OCCIno revenue multiple
Operational comp: Closed End Funds; micro-cap ($135m); shares credit, assets, plus, diversified, capital, related with the target's own description; forward EV/Sales 4.1x.
- ASICno revenue multiple
Operational comp: Property & Casualty Insurance (NEC); small-cap ($1.0bn); shares underwriting, sized, medium, analytics, small, platform with the target's own description; forward EV/Sales 2.1x.
- GPNno revenue multiple
Operational comp: Transaction & Payment Services; large-cap ($18.3bn); shares payments, sized, medium, technology, small, business with the target's own description; forward EV/Sales 3.5x.
- RPAYno revenue multiple
Operational comp: Transaction & Payment Services; small-cap ($333m); shares payments, credit, business, technology, that, including with the target's own description; forward EV/Sales 2.0x.
- AGOno revenue multiple
Operational comp: Property & Casualty Insurance (NEC); mid-cap ($4.1bn); shares payments, credit, underwriting, capital, subsidiaries, risk with the target's own description; forward EV/Sales 5.1x.
- PAGSno revenue multiple
Operational comp: Transaction & Payment Services; large-cap ($14.6bn); shares payments, sized, medium, financial, small, under with the target's own description; forward EV/Sales 0.6x.
- OSGno revenue multiple
Operational comp: Property & Casualty Insurance (NEC); small-cap ($380m); shares underwriting, general, risk, energy, related, financial with the target's own description; forward EV/Sales 2.1x.
Which companies count as comparable is our judgement, written out above so you can disagree with it. The median is what these shares happened to trade at on the date given — not a price anyone is offering for this deal.
In plain English
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.