Brief: Babylon Announces Plans To Become A Public Company Via $4.2 Billion Merger With Alkuri Global Acquisition Corp.

Babylon Holdings

03/06/2021 14:41

June 3 (Reuters) - Alkuri Global Acquisition Corp  KURI.O :
    * BABYLON, A WORLD LEADING, DIGITAL-FIRST, VALUE-BASED CARE
COMPANY, ANNOUNCES PLANS TO BECOME A PUBLIC COMPANY VIA $4.2
BILLION MERGER WITH ALKURI GLOBAL ACQUISITION CORP.
    * ALKURI GLOBAL ACQUISITION CORP - TRANSACTION IS EXPECTED
TO
DELIVER UP TO $575 MILLION OF GROSS PROCEEDS TO FUND BABYLON'S
PRO FORMA BALANCE SHEET
    * ALKURI GLOBAL ACQUISITION CORP - BABYLON FOUNDER AND CEO
ALI
PARSA WILL BECOME CHAIRMAN AND CEO OF COMBINED ENTITY
    * ALKURI GLOBAL ACQUISITION CORP - COMBINATION IS FURTHER
SUPPORTED BY A $230 MILLION PRIVATE PLACEMENT
    * ALKURI GLOBAL ACQUISITION CORP - ADDITIONAL PARTICIPATION
IN
DEAL FROM ALI PARSA, ALKURI SPONSOR LLC AND EXISTING BABYLON
INVESTORS KINNEVIK AND VNV
    * ALKURI GLOBAL ACQUISITION CORP - AGREEMENT IS EXPECTED TO
REDUCE
BABYLON'S CASH NEEDS BY APPROXIMATELY $40 MILLION.
    * ALKURI GLOBAL ACQUISITION CORP - AN ALKURI GLOBAL
REPRESENTATIVE
WILL JOIN BABYLON BOARD OF DIRECTORS
    * ALKURI GLOBAL ACQUISITION CORP - EXISTING BABYLON
SHAREHOLDERS
WILL ROLL 100% OF EQUITY INTO COMBINED CO & WILL OWN ABOUT 84%
OF PRO FORMA CO AT CLOSING
    * ALKURI GLOBAL ACQUISITION CORP - FOLLOWING CLOSING OF
PROPOSED
BUSINESS COMBINATION, BABYLON WILL RETAIN ITS EXPERIENCED
MANAGEMENT TEAM

Source text for Eikon:  urn:newsml:reuters.com:*:nPn61jBg2a
Further company coverage:  KURI.O 

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