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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
ContextLogic (LOGC) investor relations material
ContextLogic M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary8 Dec, 2025
Deal rationale and strategic fit
Acquisition of US Salt anchors a new business ownership platform focused on niche, competitively-advantaged, long-duration businesses with strong management teams.
US Salt fits criteria of high-barrier, recession-resilient markets with durable competitive advantages and stable, long-term assets.
The platform combines private ownership alignment and agility with public market liquidity and transparency.
The deal leverages significant tax attributes and cash reserves to enhance long-term value creation.
Structure aims to attract top management teams with strong alignment to shareholder interests.
Financial terms and conditions
US Salt is valued at an enterprise value of $907.5 million, representing 14.5x NTM midpoint estimated adjusted EBITDA.
Consideration is 53% cash and 47% equity rollover, with most rollover from Abrams Capital.
Transaction funded by $292 million in cash (including $150 million from BC Partners Credit), $215 million term loan, $25 million revolving facility, and $115 million rights offering at $8/share, fully backstopped by BC Partners Credit and Abrams Capital.
Post-closing ownership: Abrams Capital ~39%, public equity holders ~38%, BC Partners ~21%, management/others ~2%.
2026 estimated free cash flow: $31–$38 million after all capital expenditures.
Synergies and expected cost savings
Focus on operational efficiency, mix shift to higher-value products, and expansion into new markets to drive 5–10% annual organic profit growth.
Recent CapEx investments ($37M since 2021) expected to unlock capacity and enhance margins and operational resilience.
NOLs utilization strategy for new platform
Future acquisition criteria and target sectors
New governance impact on capital allocation?
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Next ContextLogic earnings date
Q4 20256 Mar, 2026
Next ContextLogic earnings date
Q4 20256 Mar, 2026
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Frequently asked questions
ContextLogic Inc., together with its subsidiaries, operates as a mobile ecommerce company in Europe, North America, South America, and internationally. The company offers Wish, a platform that connects merchants and consumers through the use of technology. It also provides Wish Express service to merchants; and advertising services to online marketers and merchants.
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