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Mega-SPAC Incoming
Seize, a Southeast Asian ride-hailing startup, is in talks to go public by way of a merger with considered one of Altimeter Capital’s particular goal acquisition corporations. The transaction, which may very well be introduced later this week, might worth Seize at round $35 billion. Seize’s board preliminarily signed off on the deal final month.
Deal-making within the SPAC sphere has been heating up just lately as non-public corporations discover new methods to faucet the capital markets. Singapore-based Seize would record in New York if a deal transpires.
Deal Particulars
Beneath the tentative deal, Seize will increase roughly $2.5 billion by promoting shares within the public firm by way of non-public agreements with traders. Practically $1.2 billion will come from Altimeter, which agreed to backstop any share gross sales. Seize will merge with the Altimeter Development 1 (AGC) fund. The fund raised $450 million in 2020 and is up 25%.
Altimeter Capital is a Silicon Valley funding agency which invests in tech corporations making ready to go public. It oversees greater than $15 billion in investments, together with the $850 million it raised for its two SPACs. Cazoo, the UK on-line automobile firm, and Snowflake (SNOW), the info analytics firm are two of its different investments.
Seize Checks the Waters
Seize has a non-public valuation of round $16 billion. Since its inception in 2012, Seize raised has $12 billion in enterprise funding and has $5 billion within the financial institution.
Whereas Seize has not but turned a revenue, its experience hailing enterprise did break even in 2020, with income rising 70% year-over-year. The potential merger between Seize and a SPAC is garnering a number of consideration all over the world and traders are desirous to see the way it unfolds.
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