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Author: Nicholas Alan Clayton

MCAP Acquisition Corporation (MACQ) to Combine with AdTheorent in $775M Deal

Jul 27, 2021 INTEL by Nicholas Alan Clayton
MCAP (NASDAQ:MACQ) has entered into a definitive agreement to combine with digital advertising firm AdTheorent at an enterprise value of $775 million, or 21.2x its 2022E EBITDA. New York-based AdTheorent provides a digital ad platform for online and smart TV ad space that uses machine-learning tools rather than cookies to target users. The combined company
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Bridgetown 2 Holdings Limited (BTNB) to Combine with PropertyGuru in $1.35Bn Deal

Jul 23, 2021 INTEL by Nicholas Alan Clayton
Bridgetown 2 (NASDAQ:BTNB) has entered into a definitive agreement to combine with Asian proptech firm PropertyGuru at an enterprise value of $1.35 billion, or 17.8x its 2021E revenue. Kuala Lumpur-based PropertyGuru runs a series of rental and homebuying marketplaces throughout Southeast Asia, hosting more than 2.8 million real estate listings. The combined company is expected
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Dragoneer Growth Opportunities Corp. II (DGNS) to Combine with Cvent in $5.3Bn Deal

Jul 23, 2021 INTEL by Nicholas Alan Clayton
Dragoneer II (NASDAQ:DGNS) has entered into a definitive agreement to combine with event technology provider Cvent at an enterprise value of $5.3 billion, or 10.4x its 2021E revenue. Tysons, Virginia-based Cvent provides a subscription-based event-booking platform for corporate clients, providing a range of services for in-person, virtual or hybrid summits. The combined company is expected
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Clover Health (CLOV) Calls for Redemption of Warrants

Jul 22, 2021 INTEL by Nicholas Alan Clayton
Clover Health (NASDAQ:CLOV) announced that it will redeem all outstanding warrants at a price of $0.10 per Warrant at 5 pm EST, August 23, and the Warrants may be exercised by the holders until 5:00 p.m. New York City time on the Redemption Date to purchase the Common Stock underlying the Warrants on a cash
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Power & Digital Infrastructure Acquisition Corp. (XPDI) to Combine with Core Scientific in $4.3Bn Deal

Jul 21, 2021 INTEL by Nicholas Alan Clayton
Power & Digital (NASDAQ:XPDI) has entered into a definitive agreement to combine with blockchain hosting and crypto mining firm Core Scientific at an enterprise value of $4.3 billion, or 8.8x its 2021E revenue. Bellevue, Washington-based Core Scientific hosts blockchain infrastructure through its own server network, which it also uses to mine Bitcoin and host outsourced
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Tailwind Acquisition Corp. (TWND) Adjourns Shareholder Vote Until July 30

Jul 20, 2021 INTEL by Nicholas Alan Clayton
Tailwind Acquisition Corp. (NYSE:TWND) announced that it has adjourned its special meeting held this morning without a final vote to approve its combination with QOMPLX, and will now reconvene on July 30. The press release did not make mention of any movement in the SPAC’s redemption deadline, but in the past SPACs have used adjournments
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Velocity Acquisition Corp. (VELO) to Combine with BBQGuys in a $839M Deal

Jul 20, 2021 INTEL by Nicholas Alan Clayton
Velocity (NASDAQ:VELO) has entered into a definitive agreement to combine with outdoor living ecommerce platform BBQGuys at an enterprise value of $839 million, or 17x its 2022E EBITDA. BBQGuys is a e-retailer of higher-end grills, accessories and backyard products for homeowners and professional builders. The combined company is expected to trade on the Nasdaq under
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ECP Environmental Growth Opportunities Corp. (ENNV) to Combine with Fast Radius in $995M Deal

Jul 19, 2021 INTEL by Nicholas Alan Clayton
ECP (NASDAQ:ENNV) has entered into a definitive agreement to combine with digital supply chain firm Fast Radius at an enterprise value of $995 million, or 1.6x its 2025E revenue. Chicago-based Fast Radius provides on-demand manufacturing through micro-factories connected to a cloud-based software system. The combined company is expected to trade on the Nasdaq upon the
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Investindustrial Acquisition Corp. (IIAC) to Combine with Ermenegildo Zegna Group in $3.2Bn Deal

Jul 19, 2021 INTEL by Nicholas Alan Clayton
Investindustrial (NYSE:IIAC) has entered into a definitive agreement to combine with Italian fashion group Zegna at an enterprise value of $3.2 billion, or 2.2x its 2021E revenue. The Milan-based company is comprised of its namesake luxury brand as well as Thom Browne, operating out of about 276 branded stores with about 6,050 employees. The combined
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Capstar Special Purpose Acquisition Corp. (CPSR) to Combine with Gelesis in $964M Deal

Jul 19, 2021 INTEL by Nicholas Alan Clayton
Capstar (NYSE:CPSR) has entered into a definitive agreement to combine with biotherapeutics firm Gelesis at an enterprise value of $964 million, or 5.6x its 2022E net sales. Boston-based Gelesis is advancing a series of therapies for weight management and chronic gut conditions with a consumer-facing approach. The combined company is expected to trade on the
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Pershing Square Tontine Holdings (PSTH) Nixes Universal Music Group Share Purchase

Jul 19, 2021 IPOs by Nicholas Alan Clayton
Pershing Square Tontine Holdings (NYSE:PSTH) announced in an early morning letter to shareholders that it was withdrawing its intended purchase of a 10% stake in Universal Music Group, which is slated to IPO later this year. The share purchase will instead be made by the SPAC’s sponsor, Pershing Square Holdings (LON:PSH), and the SPAC will
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Altimar Acquisition Corp. II (ATMR) to Combine with Fathom in $1.5Bn Deal

Jul 16, 2021 INTEL by Nicholas Alan Clayton
Altimar II (NYSE:ATMR) has entered into a definitive agreement to combine with on-demand manufacturing firm Fathom at an enterprise value of $1.49 billion, or 7.3x its 2022E revenue. The Hartland, Wisconsin-based company is one of the largest on-demand digital manufacturing platforms in North America with 450,000 square feet of manufacturing capacity across 12 facilities. The
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Pathfinder Acquisition Corporation (PFDR) to Combine with ServiceMax in $1.4Bn Deal

Jul 16, 2021 INTEL by Nicholas Alan Clayton
Pathfinder (NASDAQ:PFDR) has entered into a definitive agreement to combine with enterprise software firm ServiceMax at an enterprise value of $1.43 billion, or 9.2x its 2023E revenue. Peasanton, California-based ServiceMax provides cloud-based asset management and operational tools to industrial clients through a software-as-a-service model. The combined company is expected to trade on the NASDAQ under
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Spotlight: How SPACs Can Fight Cancer

Jul 16, 2021 INTEL by Nicholas Alan Clayton

Welcome to SPACInsider’s first Spotlight feature! In this series we will seek to illuminate a particular trend in SPACs that deserves a greater focus. This week, we will be looking at Chamath Palihapitya’s second biotech SPAC, Social Capital Suvretta II (NYSE:DNAB) and the oncology market, with research compiled by SPACInsider contributor Anthony Sozzi. ...READ MORE

Reinvent Technology Partners Y (RTPY) to Combine with Aurora in $10.5Bn Deal

Jul 15, 2021 INTEL by Nicholas Alan Clayton
Reinvent Y (NASDAQ:RTPY) has entered into a definitive agreement to combine with autonomous vehicle company Aurora at an enterprise value of $10.5 billion, or 5.3x its 2027E revenue. Aurora is developing driverless-car technology for use in both the logistics and taxi markets with its first roll-outs slated for 2023. The combined company is expected to
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Longview Acquisition Corp. II (LGV) to Combine with HeartFlow in $2.4Bn Deal

Jul 15, 2021 INTEL by Nicholas Alan Clayton
Longview II (NYSE:LGV) has entered into a definitive agreement to combine with medtech firm HeartFlow at an enterprise value of $2.37 billion, or 11.6x its 2023E revenue. Redwood City, California-based HeartFlow provides tools for visualizing blood circulation around the heart, giving physicians insights into further treatment options. The combined company will trade on the NYSE
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SEC Charges Stable Road and Momentus Executives with Misinforming Public on Technology and Risks

Jul 13, 2021 INTEL by Nicholas Alan Clayton
Stable Road (NASDAQ:SRAC) and its troubled combination with space venture Momentus took another big hit today as the SEC announced charges against all parties in an afternoon press release. Stable Road, its sponsor, its CEO Brian Kabot and Momentus’ former CEO Mikhail Kokorich each individually face charges of misleading investors about the advancement of Momentus’
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CBRE Acquisition Holdings (CBAH) to combine with Altus Power in $1.6Bn Deal

Jul 13, 2021 INTEL by Nicholas Alan Clayton
CBRE Acquisition Holdings, Inc. (NYSE:CBAH) has entered into a definitive agreement to combine with renewable energy firm Altus Power at an enterprise value of $1.6 billion, or 14.3x its 2022E EBITDA. Greenwich, Connecticut-based Altus Power has built or acquired distributed generation solar facilities totaling about 265 megawatts (MW) and provides generation facilities for commercial, residential
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Ivanhoe Capital Acquisition Corp. (IVAN) to Combine with SES in a $2.6Bn Deal

Jul 13, 2021 INTEL by Nicholas Alan Clayton
Ivanhoe (NYSE:IVAN) has entered into a definitive agreement to combine with EV battery-maker SES at an enterprise value of $2.675 billion, or 5.5x its 2025E revenue. Singapore-based SES is developing a hybrid lithium-metal rechargeable battery for electric vehicles with full production expected to launch in 2025. The combined company is expected to trade on the
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