SUBSPAC

The Daily Dish (7/07/21)

Satellite Operator Plans SPAC Deal Valued at $2.8 Billion 

Satellite Operator Planet is planning to go public through an SPAC merger with dMY technology group. The company operates a network of 200 satellites and provides analytics of the data derived from its operations.

The deal values the company at $2.8 Billion and provides a cash injection of $545 million, including a $200 million PIPE investment. The company expects to use the cash from the deal to fuel growth through new and existing initiatives. 

The company’s network can provide a complete scan of earth’s landmass on a daily basis and offers customers access to the data on a subscription basis. Planet says it generated over $100 million in revenues in 2020.

The company expects to close the merger in the fourth quarter, with the combined entity trading on the NYSE under the ticker ‘PL’. 


Finland’s First SPAC Aim’s To Fill PE Gap 

Virala Acquisition Company Oyj, Finland’s first SPAC, is aiming to fill the gap left by cash strapped PE investors in the country.

VAC raised $127 million in its IPO and has three years to find a potential acquisition target. The company aims to give its target a quick way to fund growth and avoid selling to an industrial buyer. 

The SPAC is looking at a target of as much as $500 million with strong ties to Finland and plans to finance the transaction with its own shares, with the bulk of the funds from the IPO being used to develop the acquired company.

VAC is ready to settle for a minority stake in its acquisition, with the flexibility giving the SPAC a competitive advantage over other potential buyers. 


Concentrated Solar Power Company Announces $2 Billion SPAC Merger

Heliogen announced its plans to go public through an SPAC merger with Athena Technology Acquisition Corp, with a deal valuing the concentrated solar power company at $2 Billion.

Founded in 2013, the company uses mirrors positioned with AI to reflect sunlight at a small receiver, generating heat. This can be collected and processed to generate electricity, even when the sun goes down. 

This energy can also be used in industrial processes that need to make materials like steel and to produce hydrogen fuel.

The company has been testing its technology in a demonstration facility since 2019 and hopes to scale operations and bringing down costs and emissions in energy intensive industries like mining. 


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