UK digital health provider Babylon has announced plans to become a public company following a $4.2bn (£2.9bn) merger.
The company has entered into a definitive merger agreement with special purpose acquisition company Alkuri Global. US big data company Palantir has also taken a strategic stake in Babylon.
Following the merger the combined company will operate as Babylon and will operate on Nasdaq under BBLN. It will give the healthtech company a pro forma equity value of $4.2bn (£2.9bn).
The merger is expected to be completed in the second half of 2021.
The merger is expected to deliver up to $575m (£406m) gross proceeds, including up to $345m (£244m) from Alkuri Global.
Several external investors, including Palantir, have helped fund a $230m (£162m) private placement – a sale of stock shares to investors and private institutions. It is worth $10 (£7) a share.
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.