Synbio Powerhouse Ginkgo Bioworks Goes Public in $17.5B SPAC Deal
May 11, 2021
Synthetic biology powerhouse Ginkgo Bioworks will become a public company through a $17.5 billion merger with a special purpose acquisition company (SPAC) that is expected to provide up to $2.5 billion of gross cash proceeds. [Ginkgo Bioworks]
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Synthetic biology powerhouse Ginkgo Bioworks said today it will become a public company through a $17.5 billion merger with a special purpose acquisition company (SPAC) that is expected to provide up to $2.5 billion of gross cash proceeds.
The SPAC business combination with Soaring Eagle Acquisition Corp. implies a pre-money equity valuation of $15 billion for Ginkgo, the company said. Soaring Eagle will change its name to Ginkgo Bioworks Holdings, change its jurisdiction of formation to Delaware and change its ticker symbol from SRNG to a new symbol.
Ginkgo Agrees to $17 5 Billion Merger With Harry Sloan SPAC
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The deal values the company at $15 billion or 24.1x 2024E revenues.
The deal is expected to close in the third quarter of 2021.
Ginkgo Bioworks, a biotech company based in Boston, announced that it will go public via a merger with Soaring Eagle Acquisition Corp. (SRNG), a special purpose acquisition vehicle (SPAC), in a deal that gives the company a pre-money equity valuation of $15 billion. The company expects to receive proceeds of $2.5 billion as part of the deal.
Shares of Soaring Eagle Acquisition Corp. rallied earlier in the day after the announcement but later went down due to weakness in the broader markets.
Ryan Krauch Joins Senior Management Team of USAA Real Estate
Former Morgan Stanley Executive to Serve as Executive Managing Director
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SAN ANTONIO, May 10, 2021 /PRNewswire/ USAA Real Estate has announced that Ryan Krauch, most recently a principal with Morgan Stanley s Mesa West Capital, is joining USAA Real Estate s senior leadership team as Executive Managing Director and member of the investment committee, effective immediately.
Ryan Krauch, Executive Managing Director, USAA Real Estate Ryan is well known and highly respected throughout our industry as someone adept at building relationships, growing businesses and developing innovative investment products, said USAA Real Estate CEO Len O Donnell. He is poised to make a great contribution to the future of our business and the dynamism of our global real estate platform, particularly as we scale and expand investor relationships and deploy compelling new investment
Russell Investments Announces Several New Hires
Kate El-Hillow has joined Russell Investments as global chief investment officer (CIO), and Kevin Klingert has been hired as president. Both El-Hillow and Klingert will serve on Russell Investments’ executive committee and report to
Chairman and CEO Michelle Seitz.
“Kate and Kevin join us at a critical time, as asset owners increasingly look to partner with solutions providers that deliver highly customized investment strategies tailored to specific outcomes,” Seitz says. “Although we continue to see significant demand for investment solutions, only one in four asset owners with less than $10 billion in assets have outsourced their investment activities. Kate and Kevin will further enable Russell Investments to capture the industry’s growth while leveraging our expansive global franchise to provide a frictionless experience to our clients.”
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