The Daily Dish (6/15/21)
Welcome to the Daily Dish. We are your morning briefing for the SPAC market. Every day we’ll provide you a digest of the top headlines of the previous day and an outline of the day ahead.
GS Acquisition Holdings Corp II, an SPAC backed by Goldman Sachs is in talks to buy Mirion Tech from Charterhouse Capital Partners.
Mirion provides services for companies working with nuclear energy including monitoring radiation, providing alarms and managing waste. The deal is expected to value the company at around $2.5 billion with negotiations ongoing.
After attempting to sell the company in 2019, Charterhouse decided to keep the company to expand the business further. Since then Mirion has made a number of acquisitions to expand its footprint in the medical sector. These include the acquisition of Sun Nuclear Corp which manages assurance for radiation treatment and Capintec which is a calibration technology firm.
GS Accusation Holdings Corp II raised $750 million in its IPO in June 2020 to scout for a deal. Goldman has also registered a handful of entities, including GS Acquisition Holdings Corp VIII and IX with the SEC with the possibility that it will continue to launch new SPACs despite the current market sentiment.
Solid Power Inc, a company which makes batteries for automobiles and mobile power markets is going public through an SPAC, with the deal valuing the company at around $1.2 billion.
The company is expected to have $600 million in cash after the merger with Decarbonation Plus Acquisition Corp III.
This includes a $165 million investment from Koch Strategic Platforms, Riverstone Energy Limited, Neuberger Berman funds and Van Eck Associates Corporation.
The company has been backed by Ford Motor and BMW with an era stage investment of $136 million. The deal is expected to close in the fourth quarter with the company being listed on Nasdaq under the new ticker “SLDP”.
Proterra is expected to begin trading today on Nasdaq with a ticker “PTRA” following its merger with SPAC ArcLight Clean Transition Corp.
The company which specialises in high-powered battery, charging systems and software for heavy-duty vehicles is planning to expand business by converting commercial vehicles to electricity.
The deal is expected to raise over $640 million for Proterra, before the start of trading. The company has generated revenues for more than a decade from selling electric transit buses, but wants a bigger piece from the broader commercial vehicle market.