2 months ago
Owlet Baby Care is bringing a data-driven connectivity platform to the nursery while simplifying life for parents
Combined company to have an implied initial enterprise value of approximately $1,074 million, with the company expected to have up to an estimated $325 million in cash after closing
Top-tier investors, including Fidelity Management & Research LLC, Janus Henderson Investors, Neuberger Berman Funds, OrbiMed, private funds affiliated with PIMCO, and Wasatch Global Investors, anchor fully committed PIPE of $130 million, which combines with $230 million of cash held in SPAC trust account to bring post-transaction equity value of the combined company to $1,389 million
Transaction enables deeper investment in expanding connected ecosystem and pursuing telehealth platform
By Reuters Staff
2 Min Read
(Reuters) - Owlet Baby Care Inc, a maker of baby monitoring devices, will go public through a merger with a blank-check firm backed by private equity firm Sandbridge Capital, in a deal that values the equity of the combined entity at about $1.4 billion.
The deal includes a $130 million private investment anchored by Fidelity Management & Research LLC, Neuberger Berman Funds and funds affiliated with PIMCO and OrbiMed, among others, the companies said on Tuesday.
Sandbridge Acquisition Corporation, a special purpose acquisition company (SPAC), raised $200 million through an initial public offering last year.
Founded in 2012, Owlet’s flagship baby monitoring device, Owlet Smart Sock, uses pulse-oximetry technology to track the heart rate, oxygen levels and sleep patterns of babies.
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Payments startup Payoneer is the latest late-stage tech company set to go public via a blank-check company merger.
Founded in 2005, New York-headquartered Payoneer is set for a $3.3 billion valuation on the Nasdaq.
Payoneer will go public in a merger with former Bancorp CEO Betsy Cohen s FTAC Olympus Acquisition Corp.
Payments startup Payoneer plans to join the SPAC frenzy and is set to go public via a merger with a blank-check company.