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 with Revolution Acceleration Acquisition Corp 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.
Shares of Revolution Acceleration jumped by 18.8% on Wednesday following the announcement.
“Whether it’s the retail, e-commerce, grocery or package fulfillment supply chain, there’s this mission-critical need to automate it. Berkshire Grey is essential for that to happen with their best-in-class technology,” said John Delaney, chief executive of Revolution Acceleration.
Source: Reuters
