The Week In SPAC News: Backstone Products, Gorilla Tech To Go Public Via SPAC Merger

In SPAC news this week, Blackstone Products is going public through a combination with Ackrell SPAC Partners, while Gorilla Technology is merging with Global SPAC Partners.

Blackstone Products, Ackrell SPAC Combination 

Blackstone Products and Ackrell SPAC Partners I (ACKIU), a publicly-traded special purpose acquisition company, announced that they have entered into a definitive business combination agreement that will result in Blackstone becoming a public company. Upon closing of the transaction, the combined company will be renamed Blackstone Products and expects to be listed on the Nasdaq under the new ticker symbol 'BLKS.'

The combined company is expected to be led by Roger Dahle, Founder and Chief Executive Officer of Blackstone. The business combination implies a pro forma enterprise valuation for Blackstone of $900 million, or approximately 11.1-times 2022 estimated adjusted EBITDA.

The transaction is expected to close in the second quarter of 2022, subject to, among other things, the approval by Ackrell shareholders, satisfaction or waiver of the conditions stated in the business combination agreement, and other customary closing conditions, including a registration statement being declared effective by the U.S. Securities and Exchange Commission and approval by The Nasdaq Stock Market to list the securities of the combined company.

Gorilla Technology, Global SPAC Merger 

Gorilla Technology and Global SPAC Partners (GLSPU), a blank check company, announced that they have entered into a business combination agreement. The combined company will be called Gorilla and is expected to be publicly listed on Nasdaq under the symbol 'GRRR' following the closing of the transaction.

The transaction is subject to shareholder and regulatory approvals and a minimum of $50 million gross cash at closing, along with customary closing conditions. Gorilla was established in 2001 with the vision of being a global leader in video intelligence, IoT technologies, and cybersecurity.

Gorilla specializes in video analytics, network security, and big data to support a wide range of solutions for commercial, industrial, cities, and government purposes. The transaction values Gorilla at a pro-forma enterprise value of approximately $708 million and is expected to close late in the first quarter of 2022.

Cohn Robbins in Talks to Bring Allwyn Public 

Cohn Robbins Holdings (CRHC), the special purpose acquisition company led by Gary Cohn and Clifton Robbins, has been engaged in discussions to merge with and bring public Europe-focused lottery operator and sports-betting business Allwyn, Bloomberg's Gillian Tan and Scott Deveau reported, citing people with knowledge of the matter.

The SPAC has tried to raise a private investment in public equity to support the deal, the authors noted. A deal has not been finalized and, should one be reached, it's not anticipated to be until next month at the earliest, the authors said.

Mondee Nearing $1 Billion SPAC Deal 

Mondee is close to a deal with a special-purpose acquisition company that would value the travel-technology firm at about $1 billion and take it public, The Wall Street Journal's Amrith Ramkumar reported, citing people familiar with the matter.

Mondee, which operates a software platform that mainly connects travel agents and other companies with airlines in the market for privately priced discounted flights, is nearing a merger with the SPAC ITHAX Acquisition Corp. (ITHX), the people said. The deal could be announced as soon as Monday, Dec. 27, the author noted.

Analyst Coverage Initiations

DA Davidson analyst Matt Summerville initiated coverage of Spartan Acquisition Corp. III (SPAQ) with a Buy rating and $15 price target. The SPAC is merging with Allego Holding B.V., which is a "a leading" European-centric Charge-Point Operator with one of the largest regional charging networks and offering "solid" visibility for further expansion, the analyst told investors in a research note.

SPAC IPOs This Week

  • Gardiner Healthcare Acquisitions (GDNR) opened on Dec. 22 at $10.03. The company said it intends to focus "on industries that complement our management team's background, and to capitalize on the ability of our management team to identify and acquire a business, focusing on the healthcare or healthcare related industries. In particular, we may target North American or European companies in the life sciences and medical technology sectors, with a specific focus on small and large molecule therapeutics."
  • Larkspur Health Acquisition (LSPR) opened on Dec. 21 at $9.99. The company intends to focus on companies in the biotechnology sector that "would benefit from access to public markets and the operational and strategic expertise of our management team and board of directors," it said.
  • Sagaliam Acquisition (SAGA) opened on Dec. 21 at $10. The company intends to capitalize on the capabilities of its management team and sponsor to identify, acquire, and operate a business that may provide opportunities for attractive risk-adjusted returns in the telecommunications, media, and technology industries," Sagaliam said.
  • NorthView Acquisition (NVAC) opened on Dec. 20 at $10. The company intends to focus its initial search on target businesses in the healthcare sector with an enterprise value of approximately $500 million to $2 billion.

Disclosure: None

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