Baby monitor maker Owlet Baby Care Inc. said it was going public through a merger with a blank-check company backed by private equity firm Sandbridge Capital.
Lehi, Utah-based Owlet and Sandbridge Acquisition Corp. will have a combined value of $1.1 billion including debt after the deal is completed, according to a joint statement Tuesday that confirmed an earlier Bloomberg News report.
The combined company also raised $130 million in a private placement to support the transaction. Investors in the private placement include Fidelity Management & Research Co., Janus Henderson Group Plc, Neuberger Berman, OrbiMed Advisors, plus private funds affiliated with Pimco and Wasatch Global Investors.
Ken Suslow, the chairman and chief executive officer of the special purpose acquisition company, and Domenico De Sole, the chairman of menswear brand Tom Ford, will join the board after the merger.
By Crystal Tse
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