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SoftBank-backed robotics firm Berkshire Grey to go public via $2.7b SPAC deal

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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SoftBank-backed robotics firm Berkshire Grey to go public via $2.7 billion SPAC deal

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.

United-states , Bengaluru , Karnataka , India , Anirban-sen , Sohini-podder , Chamath-palihapitiya , Saumyadeb-chakrabarty , Tom-wagner , Thomson-reuters-trust-principles , Jp-morgan-securities , Virgin-galactic-holdings-inc

SoftBank-backed Berkshire Grey to go public via $2.7 bn SPAC deal

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.

United-states , Chamath-palihapitiya , Tom-wagner , Jp-morgan-securities , Virgin-galactic-holdings-inc , Softbank-group-corp , Blackrock-inc , Fedex-corp , Credit-suisse-securities-united-states , Nasdaq , Opendoor-technologies-inc , Enterprise-associates