The Nightcap from SPAC Track
Nightly recap of the day's SPAC highlights (June 3rd, 2021)
June 3rd, 2021
Good evening,
Thanks for reading “The Nightcap”, a nightly recap of the highlights of the SPAC world. You can always discover and track all of the SPACs at spactrack.net.
The Stats:
The Deals:
1) Alkuri Global Acquisition Corp. (KURI: $9.86) & Babylon.
- Babylon is a world leading, digital-first, value-based care company, covering 24 million people across four continents
- The company has scaled at c.5x annual revenue growth in 2020, and is expected to grow by c.4x in 2021
- Transaction implies a $4.2 billion equity value for Babylon including an estimated $575 million in gross proceeds
- Over 85% of raised cash from new, institutional external investors, including strategic investor Palantir (NYSE:PLTR)
- Babylon Founder and CEO Dr. Ali Parsa will become Chairman and CEO of the combined entity; an Alkuri Global representative will join the Board of Directors
Deal News Reports:
1) Pershing Square Tontine Holdings Ltd. (PSTH: $25.05) is close to a deal to merge with Universal Music Group.
Pershing Square SPAC Nears Transaction With Universal Music Group — WSJ (Behind paywall)
Hedge-fund billionaire William Ackman’s special-purpose acquisition company is nearing a transaction with Universal Music Group that would value the world’s largest music business at about $40 billion, people familiar with the matter said.
The deal would be the largest SPAC transaction on record, exceeding the roughly $35 billion that Singaporean ride-hailing company Grab Holdings Inc. was valued at in a similar deal recently, according to Dealogic. It would have a so-called enterprise value, taking into consideration Universal’s debt, of about $42 billion.
It’s not guaranteed Universal and the SPAC, Pershing Square Tontine Holdings Ltd. will reach a deal. If they do, it could be finalized in the next few weeks and isn’t subject to any additional due diligence, the people said.
New S-1 Filings:
None today.
SPACs Leaving the Nest:
1) TS Innovation Acquisition Corp. Stockholders Approve Business Combination with Latch, Inc.
The merger is expected to close on 6/4 and TSIA ($10.84) is expected to trade as LTCH starting on 6/7.
2) Juniper Industrial Holdings, Inc. (JIH: $13.40) shareholders approve the business combination with Janus International.
JWS ($14.75) will trade as CANO starting tomorrow, 6/4.
Upcoming Dates:
This Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)
Friday, June 4th
Deerfield Healthcare Technology Acquisitions (DFHT: $15.12) Shareholder Meeting to Approve Business Combination with CareMax
GigCapital2, Inc (GIX: $9.40) Shareholder Meeting to Approve Business Combination with UpHealth and Cloudbreak
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