Marblegate Finalizes Transformative Merger with DePalma
Deal News | Apr 10, 2025 | Paul Hastings
Paul Hastings LLP has advised Marblegate Capital Corporation and Marblegate Acquisition Corporation on a significant business combination and merger with DePalma Acquisition I LLC and DePalma Acquisition II LLC. This deal results in the formation of the first and largest publicly traded, vertically integrated taxi medallion lender and fleet operator in New York City, trading on the OTCQX Best Market under the symbols MGTE and MGTEW. The combination leverages Marblegate's extensive experience and expertise in the taxi market to modernize and institutionalize the taxi medallion industry.
Sectors
- Financial Services
- Transportation
- Legal Services
Geography
- United States – The transaction involves companies based in the United States, particularly operating in the New York City market.
- New York City – The specific focus of the merged entity is the New York City taxi medallion market, making this geography particularly relevant.
Industry
- Financial Services – The merger involves Marblegate Capital Corp, which operates in specialty finance, focusing on lending services.
- Transportation – The article discusses the New York City taxi medallion market, which is directly linked to transportation services.
- Legal Services – Legal advisory was provided by Paul Hastings LLP, indicating the involvement of the legal industry.
Financials
- Not Disclosed – The financial details of the business combination and merger were not disclosed in the article.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Marblegate Capital Corporation | Target Company | Company | The company involved in the merger, focusing on specialty finance and fleet operations. |
| Marblegate Acquisition Corporation | Bidding Company | Company | A SPAC involved in the business combination, sponsored by Marblegate Asset Management. |
| DePalma Acquisition I LLC and DePalma Acquisition II LLC | Selling Company | Company | Entities merged with Marblegate to form the new publicly traded company. |
| Paul Hastings LLP | Legal Advisor | Company | The legal firm advising on the merger, with partners leading the transaction. |