Without seeing the details, I can see why this deal makes sense. MCE has two broad problems (1) it is too small to be on anyone's radar, and (2) its business is extremely cyclical to the point of being uninvestable through the cycle. AIS has a more diversified revenue base which deals with (2) and the combined group's ~55m in EBITDA (the 20% split here seems to be how they are arriving at $100m) would move it well out of microcap territory and into SMID – it would potentially bring index inclusion as well depending on how liquid the post merger registry is.
I guess we'll wait and find out. But if my thinking is broadly correct then I think its probably a positive.
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