SoftBank SPAC to take Walmart-backed Symbotic public in $5.5 bln deal
Walmart Inc-backed Symbotic said on Monday it would go public through a merger with a SoftBank Group Corp blank-check firm in a deal offering the robotics and automation startup a pro-forma equity value of $5.5 billion. The deal with SVF Investment Corp 3 is supported by private investment in public equity of $205 million from a group of investors, including Walmart. Gross proceeds from the deal, which values Symbotic at a pro-forma enterprise value of $4.8 billion, are expected to be around $725 million. The Wilmington, Massachusetts-based company was founded in 2007. It’s AI-powered software uses several hundred mobile robots to improve speed and reduce damage at distribution centres.