Recently completed business combinations and de-SPACs
Ongoing business combinations and de-SPACs
In recent years, there has been strong demand for the establishment of special purpose acquisition companies (SPACs), together with their subsequent business combinations transactions and de-SPACs.
Recently completed business combinations and de-SPACs
Li-Cycle Corp (Li-Cycle) agreed a deal with Peridot Acquisition Corp (Peridot) in which Li-Cycle was valued at $1.67 billion. As part of the transaction, Peridot, a Cayman Islands exempted company listed on the New York Stock Exchange, redomiciled to Ontario, Canada and then amalgamated with a wholly owned subsidiary of Li-Cycle. The transaction resulted in a $580 million gross cash injection into Li-Cycle. The deal closed on 10 August 2021.
ARYA Sciences Acquisition Corp III (ARYA III) entered into a business combination with Nautilus Biotechnology Inc (Nautilus). ARYA III was formed as a SPAC. The combined company was expected to have an initial market capitalisation of approximately $1.3 billion. The deal closed on 9 June 2021.
Ongoing business combinations and de-SPACs
Venus Acquisition Corporation (Venus) is in the process of agreeing a proposed merger with VIYI Algorithm Inc (VIYI). VIYI develops bespoke central processing algorithms and operates in China. The deal values VIYI at $400 million. The merger is being structured by way of a newly created subsidiary of Venus merging with VIYI with VIYI being the surviving company and a wholly owned subsidiary of Venus. The next steps of the transaction include convening an extraordinary general meeting of the public shareholders of Venus to approve the business combination.
Golden Path Acquisition Corporation (Golden Path) is in the process of agreeing a proposed merger with MC Hologram Inc (MC Hologram). MC Hologram focuses on the research, development and application of holographic technology. The deal values MC hologram at $450 million. The merger is being structured by way of a newly created subsidiary of Golden Path merging with MC Hologram with MC Hologram being the surviving company and a wholly owned subsidiary of Golden Path.
For further information on this topic please contact Bradley Kruger, Angus Davison or Michael Robinson at Ogier by telephone (+1 345 949 9876) or email ([email protected], [email protected] or [email protected]). The Ogier website can be accessed at www.ogier.com.