OpenGate Buys Kongsberg Precision Cutting
OpenGate Capital, a global private equity firm, today announced the completed acquisition of
Kongsberg Precision Cutting Systems from
Esko. Kongsberg manufactures digital cutting systems and develops integrated software and hardware solutions for packaging, labels and large format worldwide.
Andrew Nikou, founder and CEO of OpenGate Capital, stated, “With an increased focus on digitization in the industrial sector, Kongsberg is well positioned to develop new operations and innovative solutions that drive organic growth. This is an exciting time in the development of Kongsberg and we look forward to working with us in the years to come. “
Sarcos to Go Public via Merger With Rotor SPAC
Sarcos Robotics, a developer of robots that augment humans to enhance productivity and safety, will become publicly listed through a merger transaction with Rotor Acquisition Corp., a publicly-traded special purpose acquisition company. Upon closing, the combined company’s common stock is expected to trade on the
Nasdaq under the ticker symbol “
STRC.” The transaction represents an enterprise value of $1.3 billion for the combined company, plus a potential earnout of an additional $281 million based on the combined company’s future share trading price.
“Sarcos is building advanced mobile industrial robotic solutions that will advance the future of the workforce,” said
By Reuters Staff
2 Min Read
(Reuters) - Sarcos Robotics Inc said on Tuesday it will go public through a merger with a blank-check firm backed by former Credit Suisse USA chief Brian Finn, in a deal valuing the combined company at $1.3 billion.
The deal with Rotor Acquisition Corp is expected to fetch Sarcos with about $496 million in proceeds, including a private investment of $220 million from BlackRock Inc, Millennium Management, Palantir Technologies Inc and Rotor CEO Ben Wolff, among others.
Utah-based Sarcos is a developer of wearable robotics equipment designed to help public and private sector workers lift heavy items and reduce injuries at the workplace.
Robotic exoskeleton maker Sarcos announces SPAC plans
While it’s true the VC world has gone SPAC-happy, the reverse merger method hasn’t been a huge driver in robotics thus far, with some notable exceptions like Berkshire-Grey. This morning, however, Utah-based Sarcos Robotics announced plans to board the SPAC train, courtesy of Rotor Acquisition Corp.
The deal could potentially value the robotic exoskeleton maker and blank check co. at a combined $1.3 billion, along with a potential $281 million earn out. Sarcos is, of course, one of a number of companies currently exploring the robotic exoskeleton category. So, what sets the company apart, beyond some heavy-duty James Cameron-style design language?
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