CM Life Sciences II said to be near deal to merge with SomaLogic
Paysafe has completed its business combination with Foley Trasimene Acquisition Corp. II, while Union Acquisition Corp. II announced a combination agreement with Procaps Group. Vice Media is also reportedly in talks with 7GC & Co. Holdings in order to come public.
PAYSAFE, FOLEY ACQUISITION COMPLETE MERGER: Paysafe Group Holdings Limited (PSFE), a specialized payments platform, with a two-sided consumer and merchant network, whose "core purpose is to enable businesses and consumers around the world to connect and transact seamlessly through payment processing," and Foley Trasimene Acquisition Corp. II, a special purpose acquisition company, announced that they have completed their previously announced merger. The merger was approved at a special meeting of stockholders of Foley Trasimene on March 25, and closed today, March 30, 2021. The combined company now operates as Paysafe Limited and its common shares and warrants began trading on the New York Stock Exchange under the ticker symbols "PSFE" and "PSFE.WS" respectively, on March 31.
PROCAPS, UNION ACQUISITION MERGER: Union Acquisition Corp. II (LATN) announced execution of a definitive business combination agreement along with a fully committed PIPE financing agreement with Procaps Group, an international healthcare and pharmaceutical company, its newly created wholly-owned subsidiary, Procaps Group and the company's wholly-owned Cayman Island subsidiary. Following a series of transactions pursuant to the business combination agreement, Procaps Group and LATN will ultimately become wholly-owned subsidiaries of the company. The combined company will be led by Ruben Minski, founder, chairman of the board and CEO of Procaps Group. The company's ordinary shares are expected to be listed on the Nasdaq Capital Market under the ticker symbol (PROC). A group of investors has committed to participate in a PIPE to acquire $100M of ordinary shares of LATN at $10.00 per share that will close simultaneously with the business combination. The combined company will also receive up to $200M held in LATN's trust account at closing of the transaction, subject to any redemptions by existing LATN shareholders. Additionally, all Procaps Group shareholders' Procaps Ordinary Shares will be subject to a six-month lock-up, subject to certain exceptions.
VICE MEDIA IN MERGER TALKS: Vice Media, which previously talked with Discovery-backed (DISCA) Group Nine Media and other special purpose acquisition companies, is in advanced talks to merge with 7GC & Co. Holdings (VII) in order to come public, according to The Information's Jessica Toonkel, citing people familiar with the matter.
CM LIFE SCIENCES, SOMALOGIC NEAR DEAL: CM Life Sciences II (CMIIU), a SPAC backed by Keith Meister's Corvex Management and life-sciences investor Casdin Capital, is nearing a deal to merge with SomaLogic, which could value the protein-analysis company at around $1.25B, The Wall Street Journal's Cara Lombardo reported. The deal has the additional backing SoftBank (SFTBY) subsidiary SB Management, Cathie Wood's ARK Investment Management and Illumina (ILMN), who will supply SomaLogic with a $375M private investment in public equity as part of the deal, said people familiar with the matter.
NO TONTINE SPAC DEAL THIS QUARTER: Pershing Square Holdings (PSHZF) stated in its 2020 Annual Report that Pershing Square Tontine Holdings (PSTH) "is trading at a premium to its $20 per share cash in trust, driven, we believe, by PSTH's highly favorable and differentiated shareholder/merger friendly structure, and our investors' expectation that PSTH will create substantial shareholder value from its initial business combination." Pershing Square added in the report that, "Eight months since PSTH's launch, we remain convinced that an investment in PSTH will generate highly attractive long-term returns, even from PSTH's current stock price. While we previously believed that we would be able to announce a potential transaction by the end of this quarter, we will not be in a position to do so. We do not intend to make any announcements about PSTH's transaction progress until we enter into a definitive agreement."
Benchmark analyst Mark Schappel initiated coverage of Crescent Acquisition (CRSA) with a Buy rating and $14 price target. Crescent is a special purpose acquisition company that is in the process of buying LiveVox, a provider of cloud-based customer engagement solutions for contact centers. The market for contact center as a service solutions is "growing rapidly," driven by the cloud and compelling customer economics, said the analyst. Schappel believes the merger provides LiveVox "with a solid financial foundation."