Chemicals technology company Origin Materials said on Wednesday it has agreed to go public through a merger with blank-check firm Artius Acquisition Inc, in a deal which values the equity of the combined entity at $1.8 billion.
By Reuters Staff
(Adds transaction details, background on Origin)
Feb 17 (Reuters) - Carbon-negative products maker Origin Materials said on Wednesday it has agreed to go public through a merger with blank-check firm Artius Acquisition Inc, in a deal that values the equity of the combined entity at $1.8 billion.
The deal will provide Origin with gross proceeds of $925 million, including a private investment of $200 million from Danone SA, Nestlé SA, PepsiCo Inc and affiliates of Apollo Global Management among others.
Sacramento, California-based Origin helps turn carbon found in biomass into useful products, its website showed, capturing carbon in the process.
The company formed an alliance with Nestle and Danone in 2016 to produce and commercialize plant-based PET plastic, which has a low carbon footprint. PepsiCo joined two years later.
UPDATE 1-Origin Materials to go public via $1 8 bln SPAC merger reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
BP has announced the appointment of two new board members and two retirements.
The London-based energy giant, which operates the largest refinery in the Midwest along Whiting s lakeshore on Lake Michigan, named the American Karen Richardson and the German Johannes Teyssen to the board as non-executive directors effective Jan. 1, 2021. On behalf of the board, I am delighted to welcome Karen and Johannes to BP. Karen brings exceptional knowledge of digital, technology, cyber and IT security matters from her career working with innovative companies in Silicon Valley, Chairman Helge Lund said. With long experience and a decade at the helm of one of Europeâs largest energy companies, Johannes brings deep knowledge of the sector and its continuing transformation. Â