SUBSPAC

Today we Cover €2MX, $DMYQ, $RTPY and more …

In Today’s Dish, we look at a French Retail that blew not one, but two deals in the span of a few months. Also, Planet Labs aims to dominate the satellite imagery market with its recent announcements, and Redball Acquisition closes a favorable deal quickly.


Auchan Botched Two Deals in a Few Months 

French Food Retailer Auchan had explored options to go public through a SPAC before an attempt to tie up with rival Carrefour also fell through.

Discussions between the Mulleiz Family (Owner of Auchan) and 2MX Organic were held over the summer. The listing would have enabled Auchan to generate enough funds to revamp its hypermarket-focused business.

But the talks failed to progress, as Auchan decided to pursue a tie-up with Carrefour, which could have generated merger synergies that include slashing costs across the board.

But in year another blow for the company, the €110 billion ($127 billion) merger was called off this week, leaving Auchan empty-handed as the deal with 2MX Organic was no longer active. 2MX is now focused on acquiring a new target company.


Planet Labs Unveils a New Line of Imagery Satellites 

Planet Labs, which is set to go public through a SPAC merger with dMY Technology Group IV soon, has announced the next generation of imagery satellites, called Pelican. Pelican will have a higher resolution sensor, which will more accurately track events in real-time.

The Pelican Satellites will eventually upgrade Planet’s existing constellation of 21 SkySat satellites in orbit, with a launch planned for 2022. Planet Labs will launch the Pelican with the help of SpaceX, with whom it signed a multi-year launch through 2025 in an agreement penned in August.

The company also announced that it would be adding synthetic aperture radar imagery from the European Space Agency’s Sentinel-1 satellites to its database, adding another source of information for its customers.

The Synthetic Aperture Radar (SAR) is highly sought after by satellite imagery companies because of its ability to capture images through clouds and at night. Planet has over 600 customers who are split across civil, agriculture, defense & intelligence, and mapping. The addition of Pelican and SAR will be key for Planet’s data subscription business to stand out in a crowded market.


Reddit Reads

$RTPY Sets Date for Approval of Merger with Aurora 

Reinvent Technology Partners Y announced that the Extraordinary General Meeting of Shareholders to vote on the approval of RTPY’s business combination with self-driving company Aurora will be held on November 2, 2021, at noon ET.

Oppenheimer Initiates Coverage on $JSPR with an Outperform Rating

Oppenheimer has initiated coverage on Jasper Therapeutics which went public in September with an Outperform rating and a price target of $21. $JSPR was trading at $7.31 on the last market close.


Redball Acquisition Closes SeatGeek Deal 

Redball Acquisition, which had confirmed talks last week with ticketing platform SeatGeek for a potential merger has confirmed that a deal has now been closed.

Redball estimates that SeatGeek is uniquely positioned to take advantage of the $126 billion global live entertainment ecosystem over the next few years. The deal values the combined firm at an enterprise value of $1.35 billion, with $657 million in gross proceeds being generated.

This includes the $575 million in Redball’s trust, with an additional commitment of $90.5 million from PIPE investors Accel Partners, Ryan Smith (Owner of Utah Jazz), and Kevin Durant, and Rich Kleiman’s Thirty-Five Ventures.

The transaction will also include a $9.5 million from a commode private placement of a warrant to purchase 950,000 shares of SeatGeek common stock. When the deal closes, the current owners of SeatGeek will have a stake of 63.5% in the new company and Redball Shareholders will have a stake of 28.5%.


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