SoftBank-backed robotics firm Berkshire Grey said on Wednesday it has agreed to go public through a merger with a blank-check firm in a deal that values the combined company at $2.7 billion. The deal is expected to provide Berkshire Grey about $413 million in cash, as the maker of logistics automation systems looks to take advantage of a surge in online shopping amid the COVID-19 pandemic. The proceeds include a private investment of $165 million anchored by venture capital investor Chamath Palihapitiya and funds and accounts managed by BlackRock Inc. Palihapitiya has been one of the most prolific sponsors of special purpose acquisition companies (SPACs), merging them with a range of companies - from space tourism firm Virgin Galactic Holdings Inc to home-selling platform Opendoor Technologies Inc.
SoftBank-backed robotics firm Berkshire Grey said on Wednesday it has agreed to go public through a merger with a blank-check firm in a deal that values the combined company at $2.7 billion.
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A pure-play robotics company proving automation solutions is hitting the public markets with a SPAC deal announced Wednesday morning.
The SPAC Deal: Berkshire Grey, which uses artificial intelligence for robotics and automation solutions, announced a SPAC merger with
Revolution Acceleration Acquisition Corp (NASDAQ: RAAC).
The deal values Berkshire Grey at a post-transaction equity value of $2.7 billion. Berkshire Gray will receive $413 million in cash proceeds from the deal and have no debt after closing.
A $165 million PIPE was anchored by Chamath Palihapitiya and BlackRock.
Current Revolution Acceleration Acquisition shareholders will own 10% of the company if the merger is approved.
About Berkshire Grey: Berkshire Grey automates warehouses and logistics fulfillment centers. The company was founded by Tom Wagner, the former chief technology officer of
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The Buzz Show: Featuring Our Corporate News Recap on “ Revolution Acceleration RIses Amid SPAC deal for robotics firm Berkshire Grey”
Revolution Acceleration Acquisition Corp (NYSE: RAAC) gained over 17% in premarket trading after Berkshire Grey entered into a definitive agreement with the Company.
The agreement will now create a leading publicly listed robotics and automation solutions company with a post-transaction equity value of up to $2.7 billion.
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SoftBank-backed Berkshire Grey to go public via $2 7 billion SPAC deal 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.