Babylon Holdings Limited (Babylon) and Alkuri Global Acquisition Corp (Alkuri Global), a special purpose acquisition company, today announced that they have entered into a definitive merger agreement. Upon closing of the transaction, the combined company will operate as Babylon and plans to trade on Nasdaq under the new symbol “BBLN”. The transaction reflects an initial pro forma equity value of approximately USD4.2 billion. The transaction is expected to close in the second half of 2021.

Supported by capital raised through the transaction, Babylon will continue to expand its services both with existing and new customers. Babylon has achieved strong traction in the US market and is focused on building on this momentum by rapidly scaling its operations.

The transaction is expected to deliver up to USD75 million of gross proceeds to fund Babylon’s pro forma balance sheet, including the contribution of up to USD345 million of cash held in Alkuri Global’s trust account assuming no redemptions. The combination is further supported by a USD230 million private placement (the “PIPE”) – funded over 85 per cent from new, external institutional investors including AMF Pensionsförsäkring, Sectoral Asset Management and Swedbank Robur with strategic investor Palantir – at USD10.00 per share.

Read more/Source: Private Equity Wire